Dogecoin Price Prediction: DOGE Volumes Rise as It Drops Below $0.20

Dogecoin (DOGE) has gone down by 19% in the past 7 days as meme coins don’t seem to be able to catch a break lately.

The market’s ‘Black Friday’ last week put DOGE on sale for a moment as it dropped near the $0.09 level – the lowest the token has gone since October last year.

The top meme coin managed to close that session near 19 cents but has maintained its downward trajectory since then. DOGE has closed in red territory in 5 out of the past 7 sessions, and it seems poised to hit a key trend line support soon.

Trading volumes today have surged by 10% at $3.3 billion and currently account for 12% of the token’s circulating supply, reflecting the strength of the selling pressure.

House of Doge Official X Account – Source: X.com

A positive announcement this week did little to cushion the drop. The House of Doge said on October 13 that they are in talks with a Nasdaq-listed company called Brag House Holdings to complete a merger that would allow HoD to further advance its ambitious roadmap.

“The combined entity will generate recurring, and diversified revenue through integrated advanced payment infrastructure, Dogecoin-denominated merchant services, proprietary data insights, licensing, and treasury activities at a global scale,” a statement from HoD published on X reads.

Key Levels and Patterns to Watch for Dogecoin

The daily chart shows two structures that could tell us where Dogecoin (DOGE) is going next. The first is an ascending price channel that has been forming for months. This bullish pattern has a minor upward slope but still gives us two relevant targets for the token in the near term.

DOGE/USD Daily (Binance) – Source: TradingView

The bullish target in this case would be around $0.34, while the bearish target would sit at $0.17. This means that DOGE’s upside potential exceeds the downside risk at the time.

Meanwhile, if we drop below $0.17, the next step for DOGE could be the $0.15 area. This has been a key area of demand in the past from which the top meme coin has bounced strongly.

The Relative Strength Index (RSI) favors this bearish outlook as it has moved below the mid-line and down the 14-day moving average as well. If negative momentum accelerates, that means a 12% potential loss in the short term.

On the flip side, if DOGE bounces off any of these levels, the upside potential would be quite high. At a point when altcoin season seems to have started (BNB Coin making new ATHs every week and ETH standing above $4,000), meme coins could start playing catch-up at some point.

Friday’s Cash Overshadows Major Tailwinds for DOGE

Dogecoin already has its own ETF, and it could soon have its corporate treasury. This token meets the criteria to become the poster child of a new era for meme coins. All that it takes is a spark to set the whole thing on fire.

Corporate treasuries for many different altcoins have been launched this year. However, this would be the first for Dogecoin (DOGE) if the merger goes through. HoD reportedly holds around 837 million tokens, valued at $160 million at today’s price.

House of Doge has partnered with Robinhood, 21 Shares, and CleanCore Solutions to expand Dogecoin’s ecosystem through the launch of products that generate yield for token holders.

The market has dismissed the importance of the news, but once market sentiment picks up, this could drive higher demand toward DOGE, as it means that institutional adoption is rising.