V-shaped recovery in Dogecoin faces exhaustion near $0.168, risking a triangle pattern breakdown. Will DOGE dip to the $0.13 zone?

At $0.15936, Dogecoin struggles to hold a triangle pattern as selling pressure grows. The biggest meme coin has a market cap of $23 billion and has dropped 3.54%

Dogecoin price faces exhaustion as V-shaped recovery meets triangle pattern breakdown, risking a slip to $0.13 zone.

Key takeaways:

Dogecoin price struggles to hold a triangle pattern as selling pressure grows.

The biggest meme coin has a market cap of $23 billion and has dropped 3.54% in the last 24 hours.

As market volatility persists, meme coins are poised for high-momentum moves in either direction.

As market volatility persists, meme coins are poised for high-momentum moves in either direction. Due to the market uncertainty, analyst Trader Tardigrade believes that a swift correction toward $0.13 could be in store for Dogecoin.

Dogecoin Price Analysis

On the 4-hour technical chart, Dogecoin is forming a V-shaped recovery from the $0.13219 level, kicking off a short-term rally that peaked at the $0.1680 resistance.

Along with this recovery, DOGE’s price action is forming a triangle pattern. Recently, Dogecoin completed a downswing, testing the local support trendline within this pattern. Despite this, with the triangle pattern nearing completion, selling pressure increased, pushing DOGE below the 50 and 100 EMA lines.

Moreover, the sudden decline in bullish momentum has triggered a bearish crossover in the MACD and signal lines. As a result, technical indicators suggest a potential breakdown and price drop due to a triangle pattern meltdown.

Chart: TradingView

Rising Bearish Sentiments Signal Downside Risk

As Dogecoin price approaches a potential triangle pattern breakdown, bearish sentiments are growing in the derivatives market. The Long/Short ratio has dropped to 0.8025, with the short positions reaching 55.48%.

The increasing bearish sentiments meet increased trading activity, reflected by the 0.82% rise in open interest. Currently, the open interest stands at $1.57 billion, and the funding rate has dropped to 0.0007% on Bybit.

Analyst Remains Optimistic on DOGETrader Tardigrade remains optimistic on DOGE despite the increasing downside risk. The analyst identified an inverted head-and-shoulders pattern on the 4-hour price chart, highlighting a potential rally.

The pattern’s neckline coincides with the $0.17 supply zone. A breakout above this level could propel DOGE toward the $0.20 mark.

#Dogecoin could be forming an inverse Head and Shoulders Pattern on H4 chart 🔥$Doge pic.twitter.com/OIdRQyo7Us

— Trader Tardigrade (@TATrader_Alan) April 15, 2025

Dogecoin Price Targets

According to Fibonacci retracement levels, Dogecoin is closely approaching the 38.20% level at $0.15957. If there is a sharp correction after the triangle pattern breaks down, we might see the price drop to the 23.60% level at $0.14910.

On the upside, a key resistance level for DOGE is at $0.1680. If there is a breakout rally, Dogecoin could potentially reach $0.18852.