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Dogecoin (DOGE), the leading meme coin, is currently trading near key support and resistance levels, leaving traders speculating about its next move. Market analysts are closely watching DOGE’s price action as it faces a significant test at $0.176. Will the meme coin surge past resistance, or is a deeper correction imminent?
Dogecoin Struggles at $0.176 Resistance
According to crypto analyst Trader Alan, Dogecoin’s recent price action has formed a Bearish Tweezer candlestick pattern on the daily chart, a strong signal of potential reversal. The resistance at $0.176 has already seen a false breakout, where DOGE briefly surpassed the level but failed to sustain momentum. This suggests weakening bullish pressure, making a downward move likely.
If Dogecoin fails to reclaim $0.176, analysts predict a retest of the $0.143 support level. A break below this crucial threshold could push DOGE into a deeper correction, with the price potentially consolidating between $0.143 and $0.176 in the coming days. However, if buyers defend this support level, Dogecoin may continue ranging before attempting another breakout.
Bullish Breakout on the Horizon?
Despite the bearish signals, prominent analyst Ali Martinez has identified an ascending triangle formation on Dogecoin’s chart. This bullish pattern is characterized by higher lows and a strong horizontal resistance level, suggesting the potential for an upward breakout. According to Martinez, the key range to watch is between $0.16 and $0.18.
If DOGE price manages to close above $0.18, the meme coin could witness a 16% surge, pushing it towards the $0.21 mark. Conversely, a breakdown below $0.16 could trigger a sharp decline, reinforcing bearish dominance in the market.
#Dogecoin $DOGE will break out! A close outside $0.16-$0.18 could trigger a 16% price move. pic.twitter.com/feuCLVlFZN
— Ali (@ali_charts) March 20, 2025
What’s Next for Dogecoin?
The next few trading sessions will be crucial for DOGE. A breakout above resistance could reignite bullish momentum, while a failure to hold support may lead to further downside pressure. Traders should watch volume trends and key technical indicators for confirmation of the next major move.
Also Read: Dogecoin (DOGE) Poised for Breakout: Bullish Momentum Signals 15% Rally Ahead
As market sentiment remains uncertain, Dogecoin holders are left wondering: will DOGE break out, or is another correction ahead? Time will tell.
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.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
