Dogecoin price pulls back after rally—Can DOGE hold above $0.08?

Dogecoin’s latest rally has lost some of its force after briefly carrying the meme coin towards $0.10.

DOGE was trading near $0.085 at the time of writing, and the price decline put the focus on $0.08, an area that could determine whether the rally pauses or the price further declines.

Dogecoin gives back part of its rally

The Dogecoin price saw a rapid climb from around $0.07 before being unable to go above $0.09. Buyers briefly pushed it close to $0.10, but the push did not last.

Since then, DOGE has lost about 10% from its recent peak, with its latest trend showing a further 1.1% decline. Despite this, the price remained well above where it was before the rally  picked up.

The price decline comes after an unusually heavy trading helped drive the rally, but it also left it open once early buyers began taking profits.

A failed move could expose DOGE to a decline of as much as 35%, but this is a worst-case scenario rather than a confirmed destination. From its current price, such a fall would take the price towards $0.055, but the chart does not yet show a decline of that size taking shape.

Whale activity adds another layer

Large-holder activity increased substantially as Dogecoin rallied, according to TradingView chart.

The development may point to more participation from whales, but it does not show whether those holders were buying or selling.

Also, the balance between buying and selling also rose during the rally, but it has since dropped, suggesting that demand softened as the price approached $0.10.

The level of activity has dropped as well, and this may help the market settle after the sharp rally. But it also shows that buyers are no longer in control as they were during the rally

The next test for the price is around $0.08, and if DOGE remains above that level, buyers may attempt another move towards $0.09. But a drop below it would place the previous trading area around $0.07 back in view.

For now, Dogecoin is pulling back from a rapid advance, not confirming a 35% collapse.

Final Summary

• DOGE has retreated by about 10% since approaching $0.10.
• If it is able to hold $0.08, it could keep the recent recovery intact, while losing it may see it drop further to the $0.07 level.