Dogecoin ETF Nears But DOGE Down 5% In 7 Days: Bear Market Incoming?

Dogecoin (CRYPTO: DOGE) is approaching a pivotal support zone that could define its trend for the remainder of the cycle.

Trader Notes: Crypto analyst Kevin has flagged the $0.143–$0.127 range as the make-or-break level for Dogecoin.

This zone aligns with a cluster of technical supports: the 200-week SMA/EMA, a long-term downtrend support line, and a historically key level on Dogecoin's weekly RSI.

Kevin notes that since DOGE broke out of its 1.5-year bear market in 2022, each revisit to this RSI support zone has marked a macro higher low, followed by higher highs.

If this zone fails, it will break that structure and could mark the beginning of a longer-term bearish phase.

If it holds, Kevin sees a strong risk-reward setup with upside continuation likely, especially if Bitcoin dominance remains high.

Trader Tardigrade drew comparisons to DOGE's previous cycle moves—$0.0003 to $0.0026 to $0.009—and suggests the current cycle could mirror that trajectory, potentially leading to jumps from $0.42 to $1.46 to $4.

Statistics: Bitinfocharts shows a rise in wallet accumulation: wallets holding 10 million–100 million DOGE increased from 747 (as of May 25) to 783 (June 25) while wallets with 1 million–10 million DOGE rose from 4,204 to 4,228.

Coinglass data shows DOGE derivatives open interest increased 2.7% to $.8 billion, while volume expanded 11.2% to $3 billion. Liquidations in the past 24 hours stood at $4.09 million with long liquidations at $2.99 million.

Community News: Bitwise Asset Management has filed updated S-1 forms with the SEC, including a Bitwise Dogecoin ETF, a move that would provide exposure to DOGE without requiring direct token ownership.

Dogecoin core contributor Mishaboar voiced criticism toward major influencers in the DOGE space.

He claims many who previously amplified Elon Musk's pro-Trump messages have begun deleting posts and walking back their public stance.

Mishaboar slammed this behaviour as cowardly, warning that such influence, even when retracted, has real impact.

"These influencers built their platforms on Dogecoin's back, and now they're using it to amplify misguided political and billionaire-driven narratives," he said.

Read Next: 

• Bitcoin, Ethereum, XRP Holders Sitting On Profits, While Dogecoin Trails: Report

Image: Shutterstock