- Dogecoin stands to decline short-term to $0.20 as support flails with a 25% two-week increase.
- Historical retail futures trading spikes mark DOGE tops; volume jumped 30% to $1.77 billion.
- A Breakout of the falling wedge pattern indicates a probable rally to $1 in the present trading cycle.
Dogecoin (DOGE) has recorded an impressive 25% rise in the last two weeks to an all-time high of $0.24. Its movement is in line with the overall crypto market’s upward movement. The asset has declined 0.3% in the last 24 hours as of the time of writing and was trading at $0.22.
Retail traders are showing renewed interest in DOGE, especially amid rising meme coin popularity. Despite recent gains, technical indicators suggest possible downside risks. A minor decline hasn’t shaken optimism, but concerns remain as broader market sentiment begins to weaken following macroeconomic uncertainties.
Bearish Signals Emerge as Analysts Predict Pullback
Crypto analyst KrissPax noted a new lower low forming on Dogecoin’s chart, signaling weakening support. This combined with overall market vulnerability has the potential to drive DOGE towards $0.20 during the weekend. Traders are on high alert as they watch for the meme coin crossing the key psychological support level.
DOGE’s struggle to hold important support levels indicates increasing bearish momentum. The breakdown of these critical price levels has heightened selling pressure, and the short-term outlook of the meme coin is in jeopardy. Most analysts are keeping an eye on whether DOGE will approach the psychologically critical $0.20 price point in the days that lie forward.
According to CryptoQuant contributor burakkesmeci, Dogecoin’s past peaks align with spikes in retail futures trading. He shared a chart revealing that high-frequency futures trades by retail investors often precede local price tops. These periods often precede corrections due to excessive market greed.
Bullish Breakout Pattern Hints at $1 DOGE
On the bullish side, crypto analyst Anup Dhungana spotted a breakout from a long-term falling wedge structure on DOGE’s weekly chart, a historically bullish chart setup that tends to be the precursor to marked price rallies. Using his chart interpretation of it, Dhungana predicts DOGE has the potential to ascend back towards $1 in the current cycle.
Dogecoin is now priced at $0.2169, representing a 3.63% day decrease. Its market capitalization has dropped to $32.39 billion, representing a 3.62% decrease in line with the price movement. The trading volume dropped 30% to $1.77 billion, an indication of increasing investor interest perhaps caused by dip-buying and speculation.
Dogecoin’s fully diluted value (FDV) also currently stands at $32.39 billion, representing all of the tokens being in circulation. Although volatility is still present, the ongoing bullish signs of DOGE point to strength in the memecoin space and suggest further upward movement.
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