Dogecoin News Today: DOGE's $0.17 Support: Lifeline or Death Knell for Memecoins?

Dogecoin (DOGE) and NEAR Protocol (NEAR) are under pressure as broader cryptocurrency markets grapple with renewed bearish sentiment, sparking debates over whether the downturn presents a buying opportunity or a deeper correction according to market analysis. Dogecoin, the largest memecoin by market capitalization, has seen its price dip below $0.1730, a critical threshold that analysts say could signal further losses if support levels fail. Meanwhile, NEAR Protocol is testing key support levels amid mixed signals from on-chain metrics, with some data suggesting a potential rebound according to price forecasts.

Dogecoin's decline has been fueled by a combination of on-chain activity and shifting investor behavior. Santiment data shows the Mean Coin Age-a metric tracking the average age of tokens in circulation-has dropped to 375 days from 404 days in early November, indicating older holders are offloading their holdings. This trend is compounded by a surge in Spent Coins Age Band, which hit 693.07 million DOGE in a single day, the largest such spike since May. Derivatives data also reveals a contraction in DOGE futures Open Interest (OI), now at $1.43 billion, down from $1.48 billion just days earlier, signaling reduced speculative bets.

The bearish momentum has been exacerbated by technical breakdowns. Dogecoin failed to reclaim the $0.18527 resistance level, a key supply zone from October, triggering a 5% pullback on Tuesday. Coindesk analysis notes that the coin's price action has formed a "lower-high, lower-low" pattern, a classic bearish formation. Market analyst Kevin (@Kev_Capital_TA) warns that the weekly 200-day EMA near $0.16 could become a pivotal battleground, with a breakdown there potentially exposing the $0.1650–$0.1600 zone.

In contrast, NEAR Protocol shows early signs of stabilization. On-chain metrics like Total Value Locked (TVL) have risen to $182.1 million, up from $105.5 million in late October, reflecting growing ecosystem activity. Artemis Terminal data also highlights increased whale activity, while Coinglass funding rates flipped to a positive 0.0079%, suggesting longs are gaining the upper hand. NEAR's price recently rebounded above $2.57 after testing its 200-day EMA support, and bulls are eyeing a potential rally toward the September high of $3.34 if key levels hold.

The broader market context remains challenging. Bitcoin's recent slide has pulled down major cryptocurrencies by 5%, amplifying risk-off sentiment. Cointelegraph analysts note that DOGE faces a critical juncture, with buyers needing to push the price above the 20-day EMA ($0.18) to invalidate the bearish outlook. However, institutional order-flow data suggests systematic de-risking rather than panic selling, leaving room for a technical rebound if volume subsides.

Investors are split on whether these dips represent opportunities. While Dogecoin's fundamentals remain speculative, its on-chain metrics suggest a potential short-term rebound if $0.17 support holds. NEAR's improving TVL and funding rates, meanwhile, hint at a possible turnaround, though the path to $3.34 will require sustained buying pressure. For now, the market's focus remains on Bitcoin's direction, with analysts cautioning that further declines could deepen the bearish bias for both memecoins.