Dogecoin fell 8% on Monday to reach $0.16. The drop pushed the meme coin below its key support level of $0.1781.
Despite the decline, some analysts view this as a setup for potential gains. Analyst YazanXBT suggests the correction could prepare Dogecoin for a November rally.
The recent price drop came as smart money wallets reduced their positions. Long-term holders also exited their positions in large numbers.
Futures open interest data from CoinGlass showed declines across major meme coins. DOGE futures interest dropped 2% over 24 hours to $1.7 billion.
SHIB saw a 7% decrease to $77.8 million. PEPE futures interest fell 8% to $227.45 million.
On-chain data from Santiment reveals that major Dogecoin wallets have stayed quiet. Addresses holding over 100 million tokens showed little activity since November 1.
Holdings of SHIB and PEPE among large investors decreased as well. This added to supply pressure in the meme coin sector.
Historical data shows November has been a strong month for Dogecoin in previous years. The pattern appeared in 2015, 2017, 2020, and 2022.
Heads up
November is historically a very good month for $DOGE which ALWAYS coincides with an altseason.
Keep an eye on Dogecoin. pic.twitter.com/TekqueIBIH
— Yazan 🇵🇸 (@YazanXBT) November 2, 2025
Each cycle showed November as the starting point for major DOGE breakouts. These rallies typically followed consolidation phases where price action narrowed before volume increased.
Current price action shows similarities to earlier setups. Key support levels sit between $0.18 and $0.25.
The next critical resistance level stands at $1.15. This aligns with several key zones along the long-term Fibonacci extension.
If bulls push past these levels, the price could reach a new all-time high of $1.60. Technical patterns suggest November could mark another rally phase.
Analyst EtherNasyonal identifies a long-term structure in Dogecoin’s price. Three distinct bull waves have occurred since 2014.
Each wave followed a similar pattern with a strong breakout, consolidation, and then another move higher. Dogecoin now appears to be entering its third bull wave.
Dogecoin has traded in a tight range for several days. The price has stayed between $0.17 and $0.18.
This follows failed attempts to recover October losses. The price was rejected at $0.205 during those attempts.
The horizontal support zone between $0.17 and $0.19 has held for weeks. Buyers absorbed selling pressure each time the price tested the lower boundary.
This pattern appeared in late September and early October. Dogecoin consolidated before briefly spiking to $0.26.
Analyst BitGuru noted that buyers are showing signs of stepping in again. The repeated defense of the $0.17 area has become a key psychological level.
If Dogecoin exits this consolidation zone, analysts project a potential rally above $0.20. The target would be in the mid-$0.20s range.
This projection matches the rally seen in early October. A break above $0.2 could push Dogecoin back to its early October level around $0.27.
The most important factors for such a move include a bullish bounce around $0.17 and a confirmed daily close above $0.20 with rising volume. At press time, Dogecoin trades at $0.1735.
The post Dogecoin (DOGE) Price: Will History Repeat with Another November Breakout? appeared first on CoinCentral.
