Dogecoin Consolidates Below $0.24, Bears Target Critical $0.14 Level

Dogecoin is exhibiting weakness below the $0.24 mark. A series of descending peaks have formed since the beginning of 2025, with $0.14 emerging as a key target area.

Low spot trading volume further underscores the lack of market enthusiasm, potentially limiting any upward momentum for DOGE. A crucial support level lies at $0.1014; a breach of the $0.14 level could trigger a more significant retracement.

Dogecoin (DOGE) continues to trade under pressure, consolidating below $0.24 amidst bearish market signals. Recent price action reveals a pattern of lower highs since the token peaked earlier in 2025, indicating waning momentum. This downtrend has positioned $0.14 as a critical target, and technical indicators suggest further downside risk in the near term.

DOGE is currently trading around $0.18, unable to sustain higher levels this year. The price chart shows repeated rejections at the resistance area near $0.17, confirming seller control. This area, initially a support during the early 2025 rally, has now transformed into resistance. The breakdown of this level suggests that sellers remain dominant, making a test of the $0.14 area increasingly likely, especially if trading volume continues to decline.

The declining volume signals reduced market participation. CryptoQuant data confirms a significant decrease in spot trading volume on exchanges, a bearish sign reflecting diminished trading activity. While the late 2024 rally propelled DOGE to nearly $0.48, the subsequent correction and volume decrease point to a decline in interest from both retail and institutional investors. This shift diminishes the prospects of a strong recovery without external catalysts or renewed momentum.

Furthermore, the volume trend lacks evidence of significant buying pressure, weakening the bullish argument. Historically, substantial volume surges have accompanied major DOGE price movements, but the current lull suggests traders are adopting a cautious, wait-and-see approach. This absence of substantial inflows implies that DOGE may struggle to overcome resistance, increasing the likelihood of further losses.

Support Areas and Market Perspective.

The Open Interest (OI)-Weighted Funding Rate of Dogecoin (DOGE), alongside its price, from mid-December to mid-June, reveals interesting dynamics. The OI-weighted funding rate has generally been positive, indicating a prevalence of long positions, punctuated by sharp negative spikes representing periods of short dominance. Notably, the funding rate has stabilized and remained consistently positive since April, coinciding with a period of relative price stability for DOGE, ranging between $0.15 and $0.22.

The positive correlation between funding rates and price suggests that bullish sentiment was more pronounced when DOGE broke above $0.20 in May. Occasional dips into negative funding hint at trader hesitancy or short-term corrections.