Dogecoin Stalls Near $0.22: Analysts Say a Major Breakout Pattern Could Be Forming

Dogecoin (DOGE) is trading near $0.22, caught in a tightening range that has traders eyeing a potential ￰0￱ memecoin dipped 5% over the past 24 hours, holding flat on the weekly chart, while trading volume crossed $3 ￰1￱ Reading: Here’s What Powell’s Possible Rate Cuts Could Mean For The Shiba Inu Price On the 4-hour chart, DOGE has formed a symmetrical triangle pattern, a technical setup often signaling an explosive move once price escapes the ￰2￱ Ali Martinez noted that the asset is nearing the lower boundary of this ￰3￱ suggested that “one last dip before the breakout” may occur, with support at $0.22 and resistance at $0.24–$0.25. A push above this resistance could target $0.26, $0.28, and $0.31, while a breakdown below $0.22 risks testing $0.21 and $0.19.

Analysts See a Dogecoin (DOGE) Breakout Potential Trader Tardigrade applied Elliott Wave Theory, identifying DOGE in the final leg of a correction that typically precedes a strong motive ￰4￱ pattern has historically led to trend continuation, raising expectations of a rebound toward $0.30 or higher if buyers reclaim control. Meanwhile, chart analyst Umair emphasized the $0.25 level as a crucial ￰5￱ to him, “recovering this will lead to 31c,” while failure to hold could drag DOGE back toward $0.1949. DOGE's price records major losses on the daily chart.) sits near 57, suggesting balanced momentum without overbought ￰6￱ remains squeezed between a rising trendline and horizontal resistance, awaiting confirmation of ￰7￱ Sentiment and Catalysts Market sentiment around Dogecoin is ￰8￱ from MarketProphit shows cautious optimism among traders, though broader models remain ￰9￱ factors are also adding intrigue: the Federal Reserve’s softer stance on crypto banking has boosted sector sentiment, while Thumzup’s $50M acquisition of Dogehash positions the company as the largest Dogecoin mining operator to ￰10￱ lower timeframes, analysts have also flagged a potential 2-hour bull flag pattern, though its validation depends on DOGE’s ability to close back within the flag ￰11￱ confirmed, this could strengthen the bullish case for a rally beyond $0.25.

Related Reading: This Week In XRP: Ripple CTO Set To Announce Important Update For now, Dogecoin is at a ￰12￱ price consolidating tightly near support and resistance, traders are preparing for a decisive move that could set the tone for the coming ￰13￱ image from ChatGPT, DOGEUSD chart from Tradingview