Dogecoin $DOGE is currently grappling with a heavy bearish sentiment as it follows the broader market’s "risk-off" trend. As of February 23, 2026, Dogecoin is trading around $0.096, marking a continued struggle to hold the critical $0.10 psychological level. Despite a massive spike in 24-hour trading volume, exceeding $2.4 billion, the price remains under pressure due to macroeconomic factors like

U.S. tariff disputes and a general retreat from speculative meme assets. However, fundamental utility is showing signs of life; Coinbase recently integrated DOGE as collateral for its new instant loan feature, and the network’s 24-hour active addresses remain high, suggesting that the "Doge Army" is still actively transacting despite the price slump.

From a technical perspective, DOGE is testing a major support floor at $0.088, a level not seen consistently since August 2024. The Relative Strength Index (RSI) is currently hovering near 32, indicating that the coin is deeply oversold and may be primed for a short-term "relief rally" if it can reclaim the $0.10 pivot. Resistance is firmly established at the 50-day EMA ($0.12). A failure to hold the current support could open the gates for a slide toward the $0.075 mark, where long-term liquidity pockets reside.

Looking ahead, the market is keeping a close eye on Elon Musk’s recent cryptic mentions of "D.O.G.E." in relation to government efficiency, which has historically acted as a volatility catalyst. While the short-term outlook remains cautious due to the lack of an independent bullish catalyst, a stabilization in Bitcoin's price could see DOGE outpace the market in a recovery, given its high liquidity and oversold status.