Dogecoin (DOGE) Price Prediction: Will Support Hold or Break?

Dogecoin price is facing strong resistance at $0.176, with a Bearish Tweezer candlestick pattern forming on the daily chart.

Dogecoin price is now touching important support and resistance levels with experts trying to determine the future direction. As the top meme coin fluctuates within this range, market analysts have predicted the higher and lower possibilities. Both the technical analysis and historical data suggest how the prices could reverse higher or further consolidate in days to come.

Dogecoin Price Faces Critical Test: Will Support Hold or Break?

Dogecoin price is facing strong resistance at $0.176, with a Bearish Tweezer candlestick pattern forming on the daily chart. According to Trader Alan, this pattern is a strong reversal signal, suggesting that selling pressure is increasing. The resistance level has already seen a false breakout, where Dogecoin price briefly moved above $0.176 but failed to hold. This failure indicates weak bullish momentum and a possible downward move.

The analyst suggests that if the price moves lower, Dogecoin price could retest the $0.143 support level. If selling pressure intensifies, the meme coin may trade within a range between $0.143 and $0.176. A break below this support could trigger further declines, pushing the top meme coin to a deeper correction phase.

However, if buyers step in and defend the $0.143 level, Dogecoin price may continue consolidating within this range. Analyst stated that for a bullish breakout to occur, DOGE must establish higher lows and build momentum near the $0.176 resistance level. A sustained move above this resistance could invalidate the bearish outlook, leading to an upward trend.

Analyst Predict Possible 16% Breakout

Analyst Ali Martinez has identified an ascending triangle pattern on Dogecoin price charts, indicating the potential for a breakout. This bullish pattern forms when higher lows develop while the price repeatedly tests a horizontal resistance level. In this case, the key range for a breakout is between $0.16 and $0.18.

If DOGE price closes outside this range, either upward or downward, a 16% price move could follow. A breakout above $0.18 could lead to further bullish momentum, aiming for the next resistance at around $0.21, while a breakdown below $0.16 may result in a sharp decline to the next support at approximately $0.13.

Moreover, this breakout could be influenced by the FOMC meeting. Following the Fed’s FOMC decision, the meme coin has shown strong upward momentum, which could be attributed to the "dot plot" projections by Fed officials, suggesting interest rates to peak at 5.5% by year-end.

Trendline at $0.14269 Could Influence Meme Coin Rally

Meanwhile, another analyst, DOGE Capital, noted that Dogecoin price is following a historical pattern observed in past market cycles. The analyst points to a repeating structure where DOGE accumulates within 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 meme coin rally.

DOGE Capital’s analysis suggests that when DOGE price retests this historical trendline, it tends to rebound and initiate a strong upward move. For instance, in late March, DOGE Capital noted that when the price dropped back to this trendline, it saw a strong bounce back up, rallying by 100%.

If this pattern repeats, DOGE could see another bullish breakout in the coming weeks. However, if the sellers manage to push the price below this trendline, it could signal further weakness and a deeper decline in the top meme coin.

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