Key Insights:
- With today’s 5.92% price drop, Dogecoin (DOGE) appears to be retesting its breakout level.
- Experts reveal that $0.177 and $0.207 are key levels that will determine DOGE’s next move.
- DOGE could see a 15% price decline if it fails to hold the $0.17 level.
Amid the ongoing market downturn, Dogecoin (DOGE), the world’s largest (in terms of market cap) meme coin, fell significantly and is on the verge of a crucial make-or-break level.
The daily chart reveals that the meme coin has recently turned bullish after breaking out of a descending trendline, which has acted as a resistance level since mid-January this year.
However, with today’s bearish market sentiment and a 7.55% price decline, DOGE appears to be retesting its breakout level.
Dogecoin (DOGE) Current Price Momentum
At press time, the DOGE was trading near $0.1793. As DOGE’s price nears a key level, its trading volume dropped by 4.88%, indicating lower participation from traders and investors as the price reaches a key support level.
DOGE Price to Make it to $0.21?
According to expert technical analysis, besides the ongoing retest, DOGE has been trading within an ascending channel.
Its price is fluctuating between the upper and lower boundaries.
With the recent price decline, the meme coin is heading toward the lower boundary of the pattern, which acts as a support level.
Based on recent price action and historical patterns, if the sentiment remains unchanged and the price continues to fall, closing a daily candle below the $0.17 mark, it could trigger bearish trades.
As a result, Dogecoin news could see a 15% price decline until it reaches the $0.145 level.
On the other hand, if DOGE holds above $0.175, it could rebound within the ascending channel, potentially targeting $0.21.
At present, the DOGE price is below the 200 Exponential Moving Average (EMA), indicating weakness and a bearish trend.
Experts’ Comments on Dogecoin News
In addition to this price analysis, a prominent crypto expert recently shared a post on X (formerly Twitter), highlighting $0.177 as a key support level and $0.207 as a key resistance level. Per the expert, this level could determine Dogecoin’s next price momentum.
Meanwhile, the expert shared another post on X, noting that the technical indicator “Supertrend” suggests Dogecoin could enter a bullish phase once it breaks the $0.21 resistance level.