Many altcoins are attempting a recovery after recent price drops from their local highs. However, Dogecoin (DOGE) continues a strong downward trend following rejection from resistance near $0.2. While Bitcoin and Ethereum are consolidating, seemingly poised for a rebound, DOGE appears to be losing momentum. The token is nearing a reversal of its past 30-day gains, suggesting a renewed bearish trend.

This raises questions about Dogecoin's future. Will DOGE reach $0.5 by 2025?

DOGE is currently trading sideways, showing no clear sign of a trend reversal. Significant liquidity is accumulating on both sides, indicating a crucial juncture.

DOGE rebounded before reaching a liquidation zone around $0.164, where over $500 million in leveraged positions are at risk. To regain higher levels, the price needs to break below this range, potentially liquidating short positions and triggering a significant rebound. However, will this be enough to push DOGE back to $0.2?

Short-term price action shows significant upward pressure following a failure to maintain support above an ascending trend line. The Ichimoku cloud's conversion line acts as strong resistance, with no indication of a bullish crossover. The Stochastic RSI also pulled back after reaching its average range, suggesting increasing bearish dominance.

Therefore, DOGE is expected to test support near $0.162 (below the $0.164 liquidation level). This could trigger short liquidations and a subsequent upswing, potentially reaching $0.18 initially, and possibly $0.2 later.