Dogecoin Price Update

Dogecoin (DOGE) is currently trading at $0.1683, reflecting a 3.46% decrease over the last 24 hours. With a market cap of $25 billion, this popular meme coin is positioned at 8th in the cryptocurrency market rankings.

The current crypto market appears unstable, especially as Bitcoin attempts to overcome key resistance levels.

DOGE Price Analysis

Since early March, Dogecoin has formed a symmetrical triangle pattern, showcasing lower highs and higher lows converging towards a breakout point. This pattern follows a marked downtrend from the $0.22-$0.24 range. The price action has been tightening within this triangle, indicating that a decisive move is approaching as it nears completion.

• Key Support: Ascending trendline around $0.165.
• Immediate Resistance: Approximately $0.172. A breakout beyond this could target the $0.180 zone, with stronger resistance around $0.20350.

Currently, the 20 EMA at around $0.1704 serves as immediate resistance. This level faces selling pressure because prices have struggled to maintain above short-term averages. The 50 EMA at $0.1721 forms a secondary resistance zone slightly above the current price. Additionally, a horizontal resistance around $0.17213 aligns with these levels.

The 100 EMA indicates a significant medium-term barrier at about $0.1804, which Dogecoin hasn’t tested since early March. The 200 EMA near $0.2031 is much higher, illustrating the overall bearish market structure and Dogecoin’s deviation from its long-term average.

The RSI is currently at 42.77, indicating neutral momentum. However, since the value is below 50, it leans slightly bearish, suggesting investors are not aggressively seeking buying opportunities, but rather focusing on prices within technical constraints.

DOGE Price Targets

If Dogecoin breaks above the symmetrical triangle with strength, the first upside target is $0.18075. Following this, $0.20350 represents a significant resistance zone, with a break potentially paving the way towards $0.22.

On the downside, a breach below the ascending support trendline around $0.165 would lead to an initial downside target in the $0.155-$0.158 range. Increased selling pressure could see Dogecoin retest March lows near $0.14.

What’s Next?

If Dogecoin maintains above $0.16790, it may try for recovery. Conversely, a drop below this threshold could indicate further downside in the short term.