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

Dogecoin is testing a key support zone above $0.168 on a symmetrical triangle pattern. What’s next for the memecoin?

Dogecoin could be eyeing a 30% drop based on its current price setup on the charts. As of press time, DOGE is trading at $0.1745, a 1.83% increase in the past 24 hours, per CoinMarketCap data. With the price fluctuating above a key support, DOGE’s next move could trigger price action in either direction.

Dogecoin’s Technical Setup

A look into Dogecoin’s 1-day chart reveals a symmetrical pattern formation. The memecoin is trading above the $0.168-$0.170 zone. If the current bearish pressure persists, a break below this support could trigger DOGE’s downtrend.

According to renowned crypto analyst Ali Martinez on X:

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

Technical analysis hints at a potential drop toward the $0.12-$0.14 zone if the bearish momentum breaks below the $0.168 level. However, with the market anticipating DOGE ETFs, a price rebound could see the memecoin rally back to the $0.19-$0.20 zone, a previous resistance zone.

Despite a low trading volume in the past 24 hours, Dogecoin holders could be waiting for a “break or make” moment that sparks market activity. Per Coinglass data, the memecoin’s open interest and funding rate remain positive, suggesting market confidence in a price reversal. Traders are monitoring whale activity and buying volume around this level for further insights.

Disclaimer: The information in this press release is for informational purposes only and should not be considered financial, investment, or legal advice. Coin Crypto News does not guarantee the accuracy or reliability of the content. Readers should conduct their own research before making any decisions.