Assessing Dogecoin’s Price Action on THIS Setup: Will DOGE Make or Break?

Dogecoin is currently testing a crucial support level above $0.168, forming a symmetrical triangle pattern. The question on everyone's mind: what's next for this popular memecoin?

Based on its current chart configuration, Dogecoin could potentially experience a 30% decline. At the time of writing, DOGE is trading at $0.1745, reflecting a 1.83% increase over the last 24 hours according to CoinMarketCap data. With the price hovering around this key support, Dogecoin's immediate future could dictate its trajectory.

Dogecoin's Technical Outlook

Analyzing Dogecoin's 1-day chart reveals the formation of a symmetrical triangle pattern. The memecoin is presently trading above the $0.168-$0.170 range. Should the existing bearish pressure continue, a breach of this support could initiate a downward trend for DOGE.

Source: X

Crypto analyst Ali Martinez noted on X:

"DOGE must hold above $0.168 to avoid a 30% price drop!"

Technical analysis suggests a possible decline towards the $0.12-$0.14 range if bearish momentum pushes the price below $0.168. Conversely, with the market anticipating potential DOGE ETFs, a price rebound could propel the memecoin back towards the $0.19-$0.20 area, a previously established resistance zone.

Despite relatively low trading volume in the past 24 hours, Dogecoin holders may be awaiting a decisive "break or make" moment to ignite market activity. Coinglass data indicates that Dogecoin's open interest and funding rate remain positive, suggesting underlying market confidence in a potential price reversal. Traders are closely monitoring whale activity and buying volume around this critical level for further insights.