Dogecoin (DOGE) is facing downward pressure, currently trading at $0.166 after a 3% dip in the last 24 hours and a 6.8% decline over the past week. A recent analysis by CCN highlights that DOGE’s funding rate has turned negative, signaling that traders are increasingly betting against the popular memecoin. Additionally, the Network Value to Transaction (NVT) ratio remains high, indicating increased speculation and reduced real-world utility. If the bearish sentiment continues, Dogecoin could fall as low as $0.10—unless it breaks through the $0.18 resistance level.
Analysts Eye $1 Breakout Despite Short-Term Weakness
Despite recent losses, several analysts remain optimistic about Dogecoin’s long-term prospects. Renowned crypto analyst Ali Martinez noted that DOGE is testing a critical support level at $0.167. If it holds, the price could bounce to $0.175 and potentially rise to $0.183. On TradingView, analyst GreenCrypto identified an Ascending Wedge pattern forming since 2023, a bullish indicator suggesting that DOGE could eventually break out and surge to a new all-time high of $1.161—a remarkable 582% gain from current levels.
However, Martinez also cautioned that a fall below the $0.167 support could lead to further downside. Traders are closely watching this zone as a make-or-break level for Dogecoin’s near-term direction
Whales Accumulate as DOGE Eyes Role in Altseason Kickoff
Crypto expert Cas Abbé believes Dogecoin may play a key role in sparking the next altseason. Historically, DOGE rallies have often preceded major altcoin market surges. Abbé suggests that a break above $0.22 could act as a trigger for broader altcoin momentum.
$DOGE needs to pump for an Altseason.
— Cas Abbé (@cas_abbe) May 4, 2025
Since 2017, DOGE pump has been the most reliable indicator for an Altseason.
Even during Q3/Q4 2024, DOGE pumped 300% in a few months which led to a mini-Altseason.
This time, DOGE needs to break above $0.22 for the next rally which will… pic.twitter.com/L9bmUP4Uhr
Supporting this narrative, whale wallets have reportedly accumulated over 100 million DOGE in the past week, a strong signal of growing institutional and high-net-worth investor interest. With altseason potentially on the horizon, Dogecoin’s next big move could shape the broader crypto market.
While Dogecoin faces short-term headwinds, technical indicators and whale activity suggest a bullish reversal may be brewing. Holding above $0.167 remains key to sustaining upward momentum and unlocking the potential for a breakout rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin ($DOGE) Breakout Alert: Analysts Eye 150% Surge to $0.40+
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