Dogecoin (DOGE) is currently testing a crucial support level near $0.15 amid increasing liquidation pressures. Analysts project a potential rebound, suggesting the price could surge to $0.48 by early next year. While technical data show weakness, oversold indicators hint at a possible recovery.
Market Pressure Intensifies as DOGE Tests Key Support
In the last 24 hours, the price of Dogecoin has dropped by 5.3%, extending its weekly decline to 12.9%, currently trading around $0.1586. This puts DOGE perilously close to its critical support zone of $0.15.
A prevailing risk-averse sentiment across the market, coupled with low liquidity, has exacerbated selling pressure. Data from CoinGlass indicates that over $3.94 million in long positions were liquidated on November 6, compared to only $961,000 in short positions—representing a rare 12,129% imbalance that sparked panic selling and accelerated DOGE’s decline.
The aftermath of these liquidations is further magnified by a low token turnover rate of just 7.5%. Open interest in futures contracts has also decreased by 6.8% over the past week, signaling declining speculative confidence. Traders should closely monitor funding rates, now at -0.002%, for signs of easing bearish leverage.
Technical Data Suggests Weakness, but Setup Remains Intact
Current technical indicators portray a cautious outlook. The Relative Strength Index (RSI) stands at 32.23, placing DOGE in oversold territory but yielding no definitive reversal signals. The Moving Average Convergence Divergence (MACD) and momentum indicators are both in negative territory, reinforcing a weak short-term sentiment.
Dogecoin continues to trade below all major moving averages, including its 10-day Exponential Moving Average (EMA) at $0.176 and its 200-day Simple Moving Average (SMA) at $0.216, which bolsters short-term bearish prospects. Nevertheless, the oversold conditions may lay the groundwork for a rebound.
DOGE has consistently found strong support around the $0.15 to $0.165 range, which is now a decisive level. Conversely, a daily close above $0.1684 may signal that the bearish momentum is waning.
Analysts See Potential for Bullish Breakout
Despite the current gloom, several respected analysts have offered a more optimistic view. Crypto analyst Butterfly believes that Dogecoin’s price might soon “explode” beyond its current range. In a recent X post, Butterfly pointed out that DOGE is hovering near the lower boundary of a symmetrical triangle on the three-day chart—historically a launchpad for rallies.
#DOGE is facing the lower boundary of the symmetrical triangle on the 3D chart👀
This zone remains a strong floor for price action — bullish pressure is mounting fast👨💻
Stay alert because $DOGE could totally BURST from here🚀 pic.twitter.com/DRREgBWv45
— Butterfly (@butterfly_chart) November 4, 2025
Butterfly projects a potential surge towards $0.48 by the year’s end or early next year, contingent on increasing bullish pressure. Other analysts echo similar sentiments, with Ali Martinez highlighting that the TD Sequential indicator has flashed a buy signal, suggesting a local bottom might already be in place.
Dogecoin Price Forecast
The market sentiment remains fragile, with the Crypto Fear and Greed Index currently at 24, indicating “extreme fear.” Bitcoin’s dominance has climbed above 60%, diverting capital from altcoins. If Bitcoin maintains stability above $100,000, funds could return to riskier assets like DOGE.
At present, $0.15 stands as a critical line in the sand. Sustaining a position above this level could pave the way for consolidation and potentially push DOGE towards the $0.17 to $0.20 range. Conversely, a close below this level could open the door for deeper losses, potentially near $0.12 to $0.114.
