Dogecoin Holds Below $0.24, Bears Target Key $0.14

Dogecoin is still trading under pressure, consolidating below the zone of $0.24 as the market average indicates a bearish market. The latest price action explains how higher lows have formed since this token reached a high in early 2025, indicating a loss of momentum. The bearish momentum has turned $0.14 into a key target and technical arrangements suggest there are more risks for bearish momentum in the short-term.

DOGE trades around $0.18 as it is unable to hold higher this year. The price chart shows frequent rejections at known resistance zones around the $0.17 level, which confirms control. This zone was support in the early stages of the 2025 bull run, but has now turned into resistance. A breakout of this zone implies that sellers are still in control and it seems likely that there will be a test of the $0.14 zone, provided that volume continues to fall. Decreased Volume Indicates Less Participation in the Market CryptoQuant data shows that spot trading volume on exchanges has decreased significantly, which is a bearish sign of reduced trading participation. Although the price surge at the end of 2024 brought DOGE close to $0.48, the subsequent correction and declining volume indicate a fall in interest for this asset from retail and institutional investors. This change limits the potential for strong recovery without external sparks or a second wind.

The volume trend also does not show any serious buyers, which weakens the argument. In the past, strong increases in volume followed significant moves of Dogecoin, but the current calm indicates that traders are in a wait-and-see position. The lack of significant inflows may mean that Dogecoin will not be able to break through the resistance level, thus the likelihood of further losses is very high. Support Zone and Market Prospects The chart shows the Weighted Funding Rate of Dogecoin (DOGE) as well as its price from mid-December to mid-June. The Weighted Funding Rate is mainly positive, implying the popularity of long positions, but there have been many spikes causing losses, indicating periods of short dominance. Interestingly, the funding rate has also calmed down and remained consistently positive since April, when the price of DOGE stabilized relatively, fluctuating between $0.15 and $0.22.

The positive correlation between the funding rate and price indicates a more pronounced bullish sentiment when DOGE surpasses the $0.20 threshold in May. Periodic fluctuations into negative funding rates suggest hesitation or short-term adjustments by traders.