TLDR
- Dogecoin declined 4.62% to approximately $0.106, falling beneath critical moving averages
- A rising wedge formation on the 4-hour timeframe suggests potential additional downside
- ETF inflows for DOGE resumed on May 5–6 with over $600,000 following a seven-day pause
- Critical support positioned at $0.10; breakdown could drive price toward $0.088–$0.082 range
- Upside barriers include $0.1085, $0.1115, and $0.1132
Dogecoin faces selling momentum this week following a decline exceeding 4%, bringing the price to approximately $0.106. The meme coin has fallen beneath the $0.110 threshold and the 100-hourly simple moving average, leaving buyers struggling to regain control.
On the 4-hour chart, a rising wedge formation has developed. This technical structure frequently precedes downward movement. The pattern indicates DOGE may decline toward $0.103 should the price breach the lower boundary of the wedge.
Technical momentum indicators reinforce the bearish outlook. The Chaikin Money Flow (CMF) and Relative Strength Index (RSI) both exhibit downward trajectories, confirming sellers maintain dominance.
Key Resistance Levels to Watch
For upward movement, DOGE encounters initial resistance at $0.1085, where a bearish trendline exists on the hourly timeframe. Breaking above this barrier would target $0.1115, corresponding with the 50% Fibonacci retracement level measured from the recent decline between $0.1172 and $0.1058.
Surpassing $0.1115 would bring $0.1132 and subsequently $0.1145 into focus. Buyers require substantial momentum beyond these thresholds to reverse the near-term bearish bias.
While price action remains weak, DOGE exchange-traded funds experienced renewed capital inflows. Following a complete absence of flows from April 28 through May 4, activity resumed on May 5 and 6, accumulating over $600,000.
DOGE ETFs debuted last year, representing the first meme coin to achieve Wall Street exposure. Unlike Bitcoin ETFs with consistent daily volume, DOGE ETFs frequently experience extended periods without transactions. The recent inflow resumption indicates persistent institutional appetite despite current price weakness.
Support Levels That Could Determine the Next Move
The $0.10 mark represents the critical threshold. This psychological support zone carries significant weight. Should DOGE breach $0.10, subsequent downside targets emerge at $0.088 followed by $0.082.
Immediate support appears at $0.1050, with additional backing at $0.1020. These zones will attract considerable attention in upcoming trading sessions.
DOGE typically correlates with Bitcoin price movement. Bitcoin’s recent advance to approximately $82,000 may provide underlying support for DOGE should this bullish momentum persist.
The recent low formed near $0.1058, with current trading occurring below the 23.6% Fibonacci retracement level calculated from that identical downward swing.
As of May 8, DOGE trades beneath both $0.1085 and the 100-hourly moving average, with sellers maintaining near-term control.
