How Dogecoin Will Continue As Key Support Retested, Analysts Weigh

Dogecoin is currently hitting important support and resistance levels with experts trying to determine the direction in the future. As the leading meme coin fluctuates near support and resistance levels, market analysts have predicted higher and lower potential. Both technical analysis and historical data indicate that prices could reverse higher or consolidate further in the coming days. Dogecoin is facing an important challenge: Will the support level hold or be broken? The price of Dogecoin is facing strong resistance at the support level of $0.176, with a Bearish Tweezer candle pattern forming on the daily chart. According to Trader Alan, this pattern is a strong reversal signal, indicating increasing selling pressure. The resistance level has witnessed a false breakout, as the price of Dogecoin temporarily moved above $0.176 but could not hold. This failure suggests weak bullish momentum and there may be a downward move. Analysts suggest that if the price drops, Dogecoin could retest the support level of $0.143. If selling pressure increases, the meme coin could trade within a range of $0.143 to $0.176. A break below this support level could trigger further declines, pushing the leading meme coin into a deeper correction phase. However, if buyers enter and defend the support level of $0.143, the price of Dogecoin could continue to consolidate within this range. Analysts say that for a bullish breakout to occur, DOGE must establish higher lows and build momentum near the resistance level of $0.176. A sustained move above this resistance could invalidate the bearish outlook, leading to an upward trend.

Analysts predict a breakthrough potential of 16% Analyst Ali Martinez has identified an ascending triangle pattern on the Dogecoin price chart, indicating a potential breakout. This bullish pattern forms when higher lows develop while the price continuously tests horizontal resistance levels. In this case, the key range for breakout is from 0.16 to 0.18 dollars. Martinez believes that if the price of DOGE closes outside this range, either up or down, the price could increase by 16%. A breakout above $0.18 could lead to the next bullish momentum, while a drop below $0.16 could lead to a sharp decline.

The trend line at $0.14269 may affect the price increase of Meme Coin. Furthermore, DOGE Capital analysts note that the price of Dogecoin is following a historical pattern observed in previous market cycles. The analyst points out a repeating structure where DOGE accumulates in a triangular wedge before breaking out. The key support level to watch is around $0.14269, which has previously acted as a launchpad for the price surge of the meme coin. DOGE Capital's analysis shows that when the price of DOGE tests this historical trend line, it tends to recover and initiate a strong upward movement. If this pattern repeats, DOGE could witness another bullish breakout in the coming weeks.

Meanwhile, after the Fed's FOMC meeting, the meme coin has shown strong upward momentum. Analysts have identified key price targets of $0.38, $0.48, and $0.60, citing bullish market conditions and increased trading volume as driving factors.