Dogecoin price is holding steady at $0.13, despite a recent 5% drop. The broader crypto market faces a bearish trend. Over the past 24 hours, Dogecoin has traded below $0.14. This mirrors the market’s overall struggles.
The crypto market has dropped by 2.3%, extending a 13.8% monthly decline.
The crash comes as markets react to the Federal Reserve’s third rate cut in 2025. The rate cut failed to spark optimism, amplifying market uncertainty.
A selloff in Oracle-led tech stocks added to the pressure. Additionally, a $166 million liquidation wave in BTC long positions worsened the situation.
Despite these challenges, analysts are hopeful for a Dogecoin rebound. A breakout from its symmetrical triangle pattern could push the price back to $0.20.
Dogecoin Price Targets Key Support in Symmetrical Triangle Pattern
Crypto Trader Tardigrade has pointed out Dogecoin’s current price action. The coin recently touched a key support level in a symmetrical triangle pattern. This could indicate a potential upward movement.
On the weekly chart, the Dogecoin price is holding strong at a significant support level. This stability has raised expectations for a possible surge toward $1.
If the support level holds, analysts believe Dogecoin could see a potential increase of up to 600%. This marks a critical moment for traders.
Is DOGE Price Poised for a Breakout or a Downturn?
As of the time of reporting, the DOGE price stands at $0.1343, experiencing a dip of 5%. The price has shown fluctuations in recent days, with notable resistance around the $0.15 mark. At present, DOGE is testing the support level near $0.13, which will be crucial for its next move.
The Relative Strength Index (RSI) is currently at 51, indicating a neutral market sentiment. The Moving Average Convergence Divergence (MACD) indicator shows a bearish divergence.
The MACD line crosses below the signal line, which could suggest further downward pressure on the price. The histogram is negative, reinforcing the bearish outlook.
A continuation of the current trend may lead to a test of the support at $0.13, where the Dogecoin price outlook for the long term might look for a rebound.
Source: DOGE/USD 4-hour chart: TradingViewFor traders, the immediate focus should be on the $0.13 support zone. A break below this level could open up further downside potential, targeting the next key level of $0.1250.
On the upside, the $0.14 to $0.15 range represents the next resistance areas that DOGE would need to clear to establish a bullish trend.
Source: https://coingape.com/markets/dogecoin-price-set-to-rebound-to-0-20-after-symmetrical-triangle-breakout/
