Dogecoin Defends Support, Eyes $0.209 Target

Dogecoin [DOGE] is entering the week with renewed strength, driven by a synchronized shift in both retail and smart money sentiment, according to Market Prophit indicators. This rare alignment, occurring amid broader market instability, strengthens the signal. Rising confidence and structural support are laying the groundwork for potential price gains, bolstered by on-chain data.

Dogecoin’s on-chain dynamics are further reinforcing the positive sentiment. Over the past 24 hours, there has been an $8.42 million outflow from exchanges. This reduction in available supply typically indicates reduced selling pressure as tokens are held rather than sold. Dogecoin has consistently recorded negative netflows for months, demonstrating holders’ reluctance to sell during market volatility.

Dogecoin is currently retesting its accumulation zone, priced between $0.15 and $0.16, with buyers defending against downside attempts. While an ongoing descending channel continues to cap upside movement, early signs suggest easing pressure near the lower boundary. A break above this channel could potentially target $0.188, $0.209, and eventually $0.254.

Dogecoin’s liquidation map reveals $318.41K in short liquidations and $299.42K in long liquidations, indicating a balanced leverage environment. While Bybit long liquidations remain slightly elevated, the overall balance supports a healthier environment for a potential breakout if spot demand increases. To confirm a bullish shift, Dogecoin needs to break above the descending channel and reclaim $0.188.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.