Dogecoin falls to $0.068, lowest since 2023, as support breaks

Dogecoin's decade-old support trendline faces its sternest test yet after the memecoin broke below $0.07 and touched $0.068, its lowest since 2023.

Dogecoin fell 4.8% to $0.0680 as of 03:45 UTC on July 24, breaching the $0.07 support zone that had held since late 2024 and marking the token's lowest level in more than two years. The decline extended a broader crypto market selloff triggered by escalating US-Iran military conflict, now in its 13th day, which wiped roughly $250 million in market value across digital assets.

"The monthly Stochastic RSI has moved into oversold territory, a condition that preceded strong recoveries in 2017 and 2020," Trader Tardigrade, a pseudonymous analyst tracking DOGE's long-term chart patterns, said. The token has bounced from its current rising trendline support in each of the past two major cycles, with each subsequent rally accelerating in magnitude.

A whale acquired roughly 200 million DOGE — valued at about $14 million — near the $0.07 level, according to on-chain data, though the purchase has yet to catalyze a broader recovery. Dogecoin has now spent 65 consecutive trading sessions below its 20-day exponential moving average, the longest such streak on record, signaling that retail participation has yet to return to the market, according to investor Jordi Visser.

The $0.068 level represents a make-or-break test for Dogecoin's long-term structure. Holding above $0.07 would preserve the possibility of a recovery toward $0.10 and $0.13 resistance levels, while a sustained breakdown below $0.068 could expose the token to further downside toward the $0.058-$0.060 range. A confirmed breakout above the descending trendline originating from DOGE's all-time high could propel the token toward $0.36, though that scenario depends on reclaiming interim resistance at $0.10, $0.13, $0.20 and $0.30.

Whale accumulation meets weak price action

The divergence between on-chain accumulation and spot price has widened. While the 200 million DOGE whale purchase suggests large holders see value at current levels, spot selling pressure has overwhelmed buying interest. Dogecoin's relative strength index dropped to 34.51, approaching oversold territory, while the Chaikin Money Flow remained positive at 0.08, indicating capital continues entering the market despite the price decline.

Spot Dogecoin ETFs recorded their first inflows since June 17 on July 21, with $345,130 in net inflows, though flows returned to zero by July 23. Cumulative net inflows stand at $12.12 million, representing roughly 0.09% of Dogecoin's market capitalization.

Key levels to watch

Dogecoin must reclaim $0.070 to improve its short-term outlook and challenge resistance at $0.0720. A confirmed move above $0.0720 could open targets near $0.0740 and $0.0760. On the downside, losing $0.0680 would invalidate the bullish structure and put DOGE at risk of falling to $0.0660.

This article is for informational purposes only and does not constitute investment advice.