Dogecoin’s recent price action has seen meme coins The transaction range is very high Below the resistor zone, it currently hovers between $0.21 and $0.26. The meme coin has been hampered at resistance levels around $0.25 over the past week, which has the potential to crash it down.
Interestingly, technical analysis shows that Dogecoin may vibrate further before eventually moving upward.
Analysts predict Shakeout drops to $0.21 before breaking through to $0.4
According to technical analyst Trader Tardigrade, Who shared the fault In Dogecoin’s daily chart on social media platform X, the meme coins appear to be forming the second round of the two-part merged structure. It is worth noting that this chart outlines the possible short-term decline in price in the $0.21 area Before returning to the uptrend.
This structure includes Short support around $0.21 follows an earlier rally in May, consistent with the swing pattern, a pattern designed to move weak people away before the next bullish pulse.
The annotated chart below shows that the previously completed first round rose from the April low to the current price range, followed by the start of the second round correction. Analysts expect the leg to deepen $0.21 again before Dogecoin gets strength to try to break through with overhead resistance marked above $0.25. If this move succeeds, then the next logical price target will be around $0.40, according to Trader Tardigrade. There has not been a level seen since January 2025.
Check the resistance zone between $0.24 and $0.25
The resistive zone is approximately $0.25, highlighted in the above figure with thick horizontal red bars representing the reactive area of support. It is worth noting that during the initial decline of Dogecoin in February, there was just as much support level at that time, when sales were under great pressure and eventually fell into support. This collapse caused changes in the market structure and turned the cause of the safety net into resistors.
Now, as Dogecoin tries to recover from its April lows of $0.13, the 0.25 $0.25 region has become a major obstacle to its rallying continue, close to this level in recent weeks. Breakthrough of this resistance zone also depends largely on A wider crypto market And flow into the industry. However, before such confirmation, Trader Tardigrade’s technical analysis shows that the outlook for one-day traders is cautious, especially considering the possible sloping to $0.21.
At the time of writing, Dogecoin traded at $0.2279, up 2% in the past 24 hours, and recently hit an intraday low of $0.2174. If the bullish situation is played from this level, Turn to $0.40 Will get an 85% increase from the current Dogecoin price.
Featured Images from Getty Images, TradingView.com Charts
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