Dogecoin Drops Below Key Support, Risks Further Downside to $0.061

Dogecoin has fallen below its key weekly support level of $0.071 and is currently trading near $0.069.

According to analysts, this development could trigger further downside, unless Dogecoin quickly recovers the $0.071 to $0.074 range.

The meme-inspired cryptocurrency has returned to its long-term accumulation zone around $0.07, where it has historically attracted significant buyer interest during market corrections.

Surf, an analyst, identified this blue zone between $0.055 and $0.080 as a major accumulation area since 2021, with Dogecoin repeatedly rebounding from this region after extended declines.

However, sustaining levels above $0.055 is crucial for maintaining the multi-year support structure, and a recovery to $0.08 or $0.10 would be the first sign of a shift in sentiment.