Dogecoin (DOGE) retested its $0.090 support zone Thursday as analysts remain divided on whether the memecoin has found its floor or is heading toward significantly lower prices.
DOGE Macro Downtrend
Rekt Capital, a closely followed market analyst, flagged the move in a recent post, warning that Dogecoin's price correction is likely far from over. He noted that DOGE lost its multi-year macro uptrend in November, when it closed the month below an ascending support line that had held since early 2023.
That breakdown confirmed a macro downtrend, which began forming after Dogecoin peaked at $0.484 during the late 2024 bull run.
Rekt Capital said the coin is now sitting at a key range low — a zone that previously acted as resistance before flipping to support in 2024.
He warned the level will "likely" be lost over time, based on prior bear market behavior. A short-term relief bounce remains possible while the level holds, he said, but cautioned that a sustained recovery is not near.
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Trader Tardigrade's Bullish DOGE Case
Not everyone shares that view.
Analyst Trader Tardigrade argued that Dogecoin may have already bottomed and could be building toward its next major rally. He pointed to a long-term trendline that has held for roughly a decade — one that DOGE is now retesting for the third time.
The first touch came in 2017, preceding a rally to DOGE's then-ATH of $0.017.
The second retest in 2021 preceded a surge to the current all-time high of $0.731.
Trader Tardigrade also noted that Dogecoin's current price structure resembles prior ATH setups, including a falling wedge pattern that has historically preceded major advances. He called the current zone a "prime accumulation window."
Whether that optimism holds will depend on whether the $0.090 area can absorb further selling pressure in the weeks ahead.
