Dogecoin Under Pressure: Bears Dominate, But Hidden Buyers Could Spark a Reversal
The broader cryptocurrency market has been bleeding since October of last year, and memecoins have taken some of the heaviest losses. Dogecoin (DOGE) is no exception — the token recorded an additional 4% drop within the last 24-hour trading window, extending its already painful downtrend.
At this point, DOGE is trading approximately 90% below its all-time high, a level that was reached five years ago. Technical indicators and price structure continue to suggest that further downside may be on the horizon, though a few emerging signals are starting to catch the attention of contrarian buyers.
On the daily chart, Dogecoin recently broke below a consolidation range that had been holding since February. The breakdown was validated after a retest near the $0.08926 level, with the latest move pushing past February's previous low. Structurally, this is a bearish development. The price also failed to reclaim the 200-day moving average, reinforcing the idea that sellers remain firmly in control.
Despite this gloomy picture, not everything points downward. Net trading volume surged by nearly 99%, hinting at mild accumulation beneath the surface. Furthermore, crypto analyst Ali Martinez flagged a TD Sequential buy signal appearing on the daily timeframe — a classic technical indicator suggesting the current downtrend could be approaching a temporary pause.
That said, this bullish setup comes with strict conditions. DOGE must hold above the $0.073 support level for the signal to remain valid. If that floor gives way, the bullish case evaporates entirely, with $0.081 as the upside target should the setup play out successfully.
Zooming into shorter timeframes, the bearish case becomes more convincing. Dogecoin has been consistently rejecting a descending trendline resistance, with capital visibly flowing out of the asset. The Chaikin Money Flow (CMF) indicator stands at -0.17, confirming that selling pressure outweighs buying interest, even as the momentum reading ticks slightly higher.
Looking beyond price charts, Dogecoin's spot ETF data paints an equally discouraging picture. Over the 30-day period starting May 19th, only two trading days registered positive net inflows across all three available Dogecoin ETFs — specifically June 2nd and June 17th, when approximately $662,000 and $200,000 worth of DOGE were purchased, respectively.
In total, just $863,000 flowed into Dogecoin ETFs over an entire month. The remaining days recorded essentially zero activity. This level of institutional disinterest reflects the broader market collapse that began following the October 10th crash and strongly suggests that demand for DOGE-based financial products has significantly deteriorated.
While this weak ETF inflow doesn't mathematically guarantee continued price declines, it serves as a meaningful signal that large-scale buyers have not yet stepped in to support the asset.
In summary, Dogecoin remains trapped in a bearish market structure backed by weak ETF demand and unfavorable technicals. However, the TD Sequential buy signal and the unexpected spike in net volume suggest that a short-term reversal attempt cannot be ruled out entirely. The $0.073 level will be the critical line in the sand determining which direction DOGE moves next.
