DOGE is currently facing a key price support level, which may indicate an important market turning point.

Currently, the trading price of DOGE is hovering around $0.1958, having experienced a decline of about 17% over the past week. Despite this, many investors remain optimistic. In the long term, DOGE is still in an upward channel since 2014, and the current price is close to the bottom area of this channel.

This ascending channel connects three major bear market lows: $0.0001 in 2015, $0.001 in 2020, and $0.05 in 2022. Each time the bottom of the channel was touched, DOGE has shown strong rebound momentum. Currently, the lower support level of the channel is between $0.195 and $0.205, coinciding with the 200-week moving average (currently at $0.203), forming a strong technical support.

Historical data shows that over the past 7 years, whenever the price has reached this area, it has triggered a rebound of over 200%. Whether this historical pattern will repeat itself again is worth investors' close attention.

From a short-term technical analysis perspective, DOGE seems to be forming a descending wedge pattern. If the bulls can regain control, the price may break upward, with a short-term target price potentially reaching $0.265. The current key support range is between $0.210 and $0.215, while the short-term resistance level is around $0.230.

On-chain data has also shown some interesting trends. According to Santiment, over the past three weeks, large investors seem to have increased their DOGE holdings. This may indicate that there is some large-scale capital inflow into the market.

However, investors should keep in mind that the cryptocurrency market is highly volatile, and price predictions always carry uncertainty. Before making any investment decisions, it is essential to conduct thorough research and risk assessment.