Dogecoin breaks below $0.18 support as analysts warn of a deeper correction, with $0.07 emerging as a possible target.
Dogecoin’s price has fallen sharply after losing a key structural level at $0.18, triggering concern among traders about a deeper correction. Dogecoin has slipped by almost 8% in the past 24 hours, showing strong bearish momentum across major exchanges. Market analysts suggest that the current price action could extend the ongoing downtrend unless bulls manage to reclaim critical accumulation zones.
Crypto analyst Ali Charts noted that Dogecoin breaking below the $0.18 level invalidated the bullish case. According to Ali, losing this level opened the door for a possible decline toward $0.12. The analysis reflected growing market caution as price structure weakened.
At the same time, another analyst, Comet, shared a more optimistic outlook, stating that Dogecoin still has potential for a strong cycle move. Comet mentioned that clearing $1 could be easy and called it a possible five-times opportunity. The contrasting opinions show how divided sentiment has become among traders and analysts watching the memecoin’s performance.
Data from market research shows that Dogecoin has been in a bearish structure since touching $0.30. This move came as over 75 altcoins outperformed Bitcoin during the same period. Analysts view $0.18 as the critical level separating recovery from further decline. If the price continues to trade below this level, projections suggest a move toward the $0.07 zone.
The $0.07 level has historical importance, as on-chain data indicates about 28 billion DOGE were accumulated there. This accumulation represents nearly 18% of the total supply. The level served as a key buy zone in past market cycles. If bears extend control, the price could revisit this area before any strong rebound occurs.
Technical analysis shows the token has broken below the Ichimoku cloud on the four-hour chart, pointing to ongoing selling pressure. The short-term target identified is $0.1688, where analysts expect the next test of demand. To regain a bullish outlook, DOGE would need to break above the Ichimoku cloud resistance, which currently limits upward movement.
Spot market data from late September shows sellers dominating volume through the Spot Taker CVD indicator. Both retail traders and institutional investors appear cautious, with sentiment readings staying negative. The Smart Money and crowd sentiment gauges show values of negative 0.31 and 0.24, reflecting persistent bearish expectations.
Despite this, some derivative traders have begun to long DOGE positions, suggesting that part of the market sees the downside as overextended. According to data from CryptoQuant, leveraged positions on the long side have increased slightly, which could indicate short-term accumulation. Still, the overall structure remains fragile until the 0.18 level is reclaimed as support.
If broader crypto market conditions stabilize, analysts expect Dogecoin to attempt recovery toward $0.15. A sustained break above $0.18 could restore positive momentum and attract renewed buying interest. However, if bears maintain control, price action may continue trending lower, with $0.12 and $0.07 seen as potential downside zones.
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