• Dogecoin (DOGE) price is trading near the key $0.22 support level, a zone that has historically triggered strong rallies.
• Exchange outflows close to $4 million highlight tightening supply, a bullish signal that often precedes upward moves.
• DOGE price targets are set at $0.27, $0.31, and $0.45+, if the support holds and momentum returns.

Dogecoin (DOGE) is trading under bearish pressure with a potential to rebound as it is hovering near its key support level. The DOGE price has declined by 1% over the last 24 hours and 3.12% over the last week.

At the time of writing, DOGE is trading at $0.2307 with a market capitalization of $34.88 billion. Its trading volume has also decreased 17.76% to $2.06 billion, reflecting cautious positioning by the investors and traders.

Source: CoinMarketCap

DOGE Price Targets $0.45 Amid Market Volatility

The crypto analyst, MoonBitz, revealed that Dogecoin (DOGE) is again holding its $0.22 support line that has been a historically igniting support of strong rallies. This time, exchange flow closed to $4M of outflow, indicating dwindling supply and increasing investor sentiment. The configuration is similar to previous cycles when DOGE quickly picked up steam following similar corrections.

Source: X

With overall supply tightening and steady replacement by new buyers, traders now look to the subsequent price targets at $0.27, $0.31, as well as even $0.45+. Should history indeed repeat itself, this time around could be a good entry point to buy into DOGE enthusiasts. Will this latest bounce of the meme coin give life to another explosive rally that stays on wider market radars?

Also Read: Dogecoin (DOGE) Price Prediction: Golden Cross Could Trigger Breakout to $0.33

Dogecoin Technical Analysis Predicts Ongoing Momentum

Dogecoin is maintaining short-term support around the 20-week SMA ($0.2166). If the price slips below this level, the next strong supports sit at $0.1827 and $0.1361. On the upside, a decisive close above $0.2455 could spark renewed bullish momentum and attract buyers.

Source: TradingView

The RSI indicator is hovering at a neutral 51, signaling a balance between buying and selling forces without clear dominance. Meanwhile, the MACD leans slightly bearish as the signal line is above the MACD line, though the histogram shows weakening downside momentum.

DOGE Community Sentiment Favors Bullish Rally

According to the data from CoinMarketCap, the sentiment of the community reveals that a vast majority of voters, 86%, are bullish, as they predict that the asset will appreciate. This reflects a prevalence of optimism and faith among players. Such a large percentage makes it an even more highly tilted outlook towards development.

Source: CoinMarketCap

Conversely, 14% of users are bearish and think that the market will go down. Though this is a lesser segment, this is an indication of fear from the community as well. Among 1.5 million voters, this is a minority segment that is a voice of dissent.

Also Read: Dogecoin Struggles to Hold $0.24 Support Could Drop $0.19