Analysts Reveal Why Dogecoin Price May Hit Its Bottom in July

Dogecoin (DOGE) price has dropped by 30% between June 1 and June 29, and two analysts now suggest that this drop might lead to Dogecoin reaching a local bottom in July 2026.

Dogecoin price was down by 0.28% today, June 29, to trade at $0.073 at the time of writing, with $548 million in volumes per CoinMarketCap data.

Analysts Reveal Dogecoin’s Bottom Signals After Recent Crash

Analyst Crypto GVR on X notes that the price of Dogecoin is on the verge of reversing from a downtrend to an uptrend after dropping to the range between $0.06 and $0.08.

In an X post, the analyst observed that Dogecoin’s drop to $0.06 would complete a double-bottom pattern that might pave the way for an upward move to between $0.15 and $0.20.

Analyst Krisspax shares the same outlook on Dogecoin price, saying that the price has dropped to test the support at the June 5 low of $0.70 and formed a double bottom pattern.

The bullish outlook towards Dogecoin shared by the two analysts comes as Grayscale also revealed that Bitcoin has bottomed after dropping by 50% from $125,000 in October to $60,000 in June 2026.

If Bitcoin has indeed bottomed as Grayscale forecasts, Dogecoin, which usually mimics BTC’s price movements, might also start to rise just like analysts Crypto GVR and Krisspax forecast.

Key Support and Resistance Levels to Watch in Dogecoin Price in July

The bullish outlook on Dogecoin by analysts saying that it has bottomed suggests that it has to defend the support level at $0.058 for the trend to reverse from a downtrend to an uptrend.

The last time that Dogecoin traded at this support level of $0.058 was in October 2023, and the price later gained by 82% to reach $0.106 in December 2023.

If buyers start to accumulate DOGE at this support level like they did in 2023, the journey upwards faces the first obstacle at $0.078.

Dogecoin dropped below $0.078 on June 28, and the price now needs to make three straight closes above this obstacle to confirm that bulls have a good grip.

The upward trend that could ensue after Dogecoin clears the hurdle at $0.078 will face the next test at the psychological resistance level of $0.10. Moving past this hurdle in July could support a bullish long-term Dogecoin price forecast.

The RSI reading of 31 suggests that the momentum is still favoring bears. This RSI reading might keep dropping like it did in June 2022 and reach 28. Until this RSI drops to 28, sellers remain in control, and Dogecoin price might drop to $0.06.

Leverage Flush Supports Dogecoin’s Bottom Signal as OI Drops Below $1B

Data from Coinglass shows that more than $130 million worth of long positions have been wiped out from the Dogecoin market between June 1 and June 29.

Dogecoin’s open interest has also dropped from $1.7 billion in May 2026 to $960 billion in June 2026, suggesting that most traders who have been flushed out through liquidations are not opening new positions.

Kalshi also launched Dogecoin perpetual futures on June 24, and data from the platform shows that there is very little demand for the products.

The DOGE perpetuals have seen $150,000 in volumes per Kalshi data, which is even lower than SHIB’s volumes of $791 million.

This flush and the falling perpetual volumes create room for Dogecoin price to recover because it reduces the amount of DOGE that long buyers sell whenever DOGE drops.