Dogecoin (DOGE) is experiencing a slight upsurge as it continues to face the bear market, with the DOGE price being influenced by significant long-term support and resistance levels.
As of February 4, 2026, DOGE is trading at $0.1076 with trading volume of $3.45 billion and a market capitalization of $18.27 billion, indicating a market dominance of 0.71%. The 1.33% increase in the past 24 hours indicates a slight upsurge in the market.
DOGE Faces Sharp Downtrend Toward $0.087 Level
According to a recent post by Crypto TXG, DOGE attempted to experience a short-term relief rally from the $0.1174 support level, but this rally was short-lived, lasting only a few days. The price lost all steam and fell decisively below this support level, entering a strong downtrend.
Crypto TXG pointed out that DOGE is expected to continue its downtrend towards the next significant support level of $0.087. Market analysts believe that a possible bounce could be experienced at this level, temporarily stabilizing the market before the next move.
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Dogecoin Tests Key Long-Term Support Levels
The token has been ranging between significant long-term support and resistance levels since the flash crash on October 6, 2025, when the 1-week 350-day moving average (1W MA350) was tested. It has been observed that this level has historically provided strong support during Bear Cycles, with the 1-week 50-day moving average (1W MA50) continuing to cap the price.
The 1W MA350 is particularly closely followed as a critical level. A fall below this level of support could see DOGE move towards the 0.786 Fibonacci level of $0.0600. In worst-case scenarios, historical trends would indicate a possible fall as far as $0.0350, as seen in previous Bear Cycles, representing a correction of 93%.
Using technical analysis, such as Sinewave cycle analysis, it appears that the timing of the cycle is often more accurate than attempting to find the bottom. Predictions show that Dogecoin’s next major low could be seen around October 2026, providing potential entry points for long-term investors irrespective of market fluctuations.
Despite the bearish backdrop, 1.33% appreciation represents a modest degree of stability. Market participants are waiting to see if the 1W MA350 can hold as a level of support. A strong break above the 1W MA50 could indicate a short-term relief rally, failing which could see further sharp declines.
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