Coyle was a popular figure during his two-year stint as a Trotters striker in the 1990s and, despite the team losing 12 out of their 15 Barclays Premier League matches this season under his guidance and sinking to the bottom of the table, there have been few dissenting voices against the Scot so far.
"I was very fortunate to be here as a player and the fans were very kind," Coyle said ahead of Saturday's trip to Fulham.
"They knew the type of player I was - not the best player in the world, but I was wholehearted and I gave everything I could.
"That is the same now as a manager, but you have to accept that the fans pay good money to come and support the club loyally, home and away, and we have to start giving them something back.
"As a manager I am doing everything I can, as are the staff, to help the players facilitate that. We know how football works, and we know how quickly it can change. We can win games and get a smile back on those fans' faces."
Bolton were appearing to make great strides with Coyle at the helm before a downturn in form which began towards the end of last season and has extended into the current campaign.
The 45-year-old, who has been unfortunate to lose some key players to injury during that period, accepts that his job may well depend on whether he can get the Trotters out of their current predicament, but insists it is something that does not bother him.
"As a manager, I totally understand that for everything I'm putting in place for the long-term future of this football club, ultimately you have to make sure you stay in the Premier League and that you will be judged on that," Coyle said.
"It is something I know, and it doesn't faze me, because I'm focused on what I want to bring to Bolton Wanderers. My owner and chairman know that, and the fans have been great. But I understand why they would be frustrated, because we are not playing as well as we could."