If Dogecoin’s decline deepens, it could enter a chart gap zone with minimal historical support, potentially allowing selling pressure to accelerate unchecked.
Dogecoin (DOGE) is once again retesting a critical historical support zone— the same level that marked its mid-April bottom—setting the stage for a decisive moment that could either validate or challenge the current bullish price outlook.
Following a 30% decline from its local peak in mid-May, the spotlight is now on the $0.168 level, which has emerged as a key inflection point.
According to prominent X analyst Ali Charts, this support coincides with the lower boundary of a major symmetrical triangle pattern. A breakdown below this structure could potentially trigger another 30% correction.
Below the $0.168 level lies a precarious “gap zone” — a price range with minimal historical buying activity, offering little support to cushion further downside.
Dogecoin Price Analysis: A Breakdown Here Could Get Ugly
Zooming out, the symmetrical triangle highlighted by Martinez forms part of a broader 4-year cup-and-handle pattern, with its lower boundary intersecting the handle’s support zone.
This sets up a potential confluence zone where the critical $0.168 support intersects with the upper boundary of the descending channel forming the handle—creating conditions for a possible breakout.
If confirmed, such a breakout could target the $0.75 level, representing a staggering 350% gain from current prices and aligning with the 1.618 Fibonacci extension.
However, this bullish scenario hinges entirely on the defense of the $0.168 support level—and momentum indicators currently paint a bearish picture.
The golden cross from May has already unraveled, as the MACD line continues to diverge below the signal line following a death cross at the start of June—an indication of sustained downward momentum. Meanwhile, the RSI remains below the neutral 50 mark, sliding further to 42, signaling weakening buying pressure.
Should DOGE close the week below $0.168, the next significant support sits near $0.090—a level last tested in mid-2024.
Looking ahead, all attention turns to the June 15 decision on a U.S. spot Dogecoin ETF, which could serve as a much-needed external catalyst. Approval would open the door to traditional market inflows and potentially reignite bullish momentum.
Leading Meme Coins are Suffering – Here’s a Better Strategy
When it comes to major meme coins like DOGE, timing is everything. Investors who jumped in after the mid-April bottom but held through the mid-May dip are now facing unrealized losses.
Meanwhile, newer meme coins like Aura are making headlines with explosive 46x gains in just a single day.
Enter Snorter ($SNORT). This purpose-built trading bot is engineered to identify early momentum, helping investors get in ahead of the crowd—where the biggest profits happen.
While trading bots aren’t new, Snorter stands out with features tailored for precise sniping using limit orders, MEV-resistant token swaps, copy trading, and built-in rug-pull protection.
Getting in early is crucial, but knowing when to exit is just as important—Snorter Bot has you covered on both fronts.
The project is off to a powerful start—$SNORT has already raised over $1 million within the first three weeks of its presale, fueled in large part by an impressive 287% APY on staking rewards that incentivizes early investors.
Dogecoin Price Prediction
Cardano Price Prediction: Explosive Ecosystem Growth Fuels Bullish ADA Outlook
Bitcoin Price Prediction: BTC Hits Wall at $109K as ETF, El Salvador, and Miners Boost Bull Case
Solana Price Prediction: As Wall Street Rotates Into Alts, SOL Could Lead the Next Mega Rally
Ethereum Whales Snap Up 871K ETH; BlackRock and Fidelity Bets Indicate Imminent $3K Breakout
ChatGPT’s o3 Pro Reveals Shocking DOGECOIN Price Prediction as It Tests Key $0.175 Support
Leave a Reply