Dogecoin (DOGE) is Trading Below Key Levels After Dropping by Over 10% Following Last Night's Bullish Price Action.

Dogecoin is trading below key levels after dropping over 10% following last night's bullish price action. The meme coin market continues to struggle, and Dogecoin is no exception.

Dogecoin price is testing key levels after dropping over 10% following last night’s bullish price action. The meme coin market continues to struggle, and Dogecoin is no exception.

Since late January, DOGE has failed to reclaim previous highs and consistently set lower prices each week. Investors are growing cautious as selling pressure remains strong, preventing any meaningful recovery.

But despite the recent downturn, some analysts remain optimistic about DOGE’s long-term prospects.

One such analyst, Carl Runefelt, shared a technical analysis on X, showcasing that DOGE recently broke out of a long-term falling wedge pattern and is now retesting it.

Historically, falling wedge breakouts have led to significant upward movements, provided that the breakout is confirmed. In this case, if Dogecoin holds firm above this key level and successfully confirms the breakout, a massive price move could follow.

If the breakout fails, however, it could lead to further declines, pushing DOGE into lower demand zones.

Investors Keep Selling Dogecoin: Can This Change?Dogecoin price is testing key levels as bulls try to push for more gains without falling below critical demand levels.

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@TheMoonCarl

Dogecoin is testing the breakout fib.0.62.

It's also testing the key $0.255-$0.26 pivot.

Falling wedge breakouts usually get HUGE.

But only if the breakout holds.

If it fails, we'll likely continue lower to fib.0.38.

Price targeting $0.434 in the coming weeks.

If the breakout fails, we'll likely continue lower to fib.0.38.

Credit : Fib structure by @Crypto_Lobo

Still no clear direction for the broader crypto market.

Bitcoin needs to break $100K to continue the bull market.

If BTC manages to reclaim key levels, we can expect to see a rapid rise in altcoins.

However, continued uncertainty in the market may limit their upside potential.

Recently, we've seen a strong rally in meme coins, but it's important to note that they are likely to follow Bitcoin's trends more closely.

A sustained move above $0.255 could set the stage for a significant breakout, paving the way for a recovery phase.

However, the market remains volatile, and losing the $0.20 level could quickly reverse recent gains. If DOGE fails to hold this support, a 15% drop from current levels could follow, pushing the price back into lower demand zones.

Moreover, traders are keeping an eye on Bitcoin's movement, as any major BTC sell-off could impact meme coins like Dogecoin.

For now, DOGE bulls are in a slightly advantageous position, but they must continue defending key levels to sustain the current uptrend. A decisive move in either direction will determine the next stage of Dogecoin’s journey.