Dogecoin (CRYPTO: DOGE) is down about 3% over the past week, with traders watching whether the meme coin can hold a key support level near $0.10.

Deeper Correction Ahead?

Crypto chart analyst Ali Martinez said Dogecoin may be setting up for a deeper correction after trading inside a parallel channel for the past three months.

The latest rejection from the channel’s upper boundary pushed DOGE back toward the midrange, which also lines up with its 50-day SMA. Martinez said this is now the most important support zone for the token.

A break below that level could open the door for a move toward the channel’s lower boundary near $0.088.

Another trader, CryptosBatman, said Dogecoin has been cooling…

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