Dogecoin is testing key resistance levels around $0.18-$0.19, with some analysts predicting a potential 100% price increase if these levels are broken
Technical patterns suggest DOGE may be repeating historical bull cycles similar to 2017 and 2021
A contradicting bear flag pattern indicates risk of a 30% decline to approximately $0.11
The Dogecoin Foundation launched an “Official Dogecoin Reserve” with a 10 million DOGE purchase ($1.8 million) to enhance stability
House of Doge aims to make transactions faster and more practical for everyday payments, with government entities showing interest in potential use cases
Dogecoin, the market’s leading meme cryptocurrency, finds itself at a critical price juncture that could determine its short-term trajectory. Technical analysts are offering competing viewpoints on where DOGE might head next as it tests important price levels.
As of March, Dogecoin is priced at $0.1847, showing a 5.69% gain in 24 hours. It currently ranks as the 8th largest cryptocurrency with a market cap of $27.44 billion.
Trading volume for DOGE has surged by 123.45% to $1.58 billion over the past day. This spike in trading activity indicates growing investor interest, possibly driven by positive market sentiment.
The “World of Charts” analysis account on X (Twitter) points out that Dogecoin is testing a key resistance area. The cryptocurrency is attempting to break above a downward trendline that has acted as resistance for several months.
This breakout level sits around $0.18 to $0.19. If DOGE can push through this range, it could generate strong buying momentum and potentially double in price.
Another analyst, Trader Tardigrade, has observed that Dogecoin’s current price action resembles patterns from previous bull cycles. The analyst noted similarities to the 2017 and 2021 market movements when DOGE saw major price increases.
On March 24, 2025, Dogecoin briefly traded at $0.1887, hovering near the resistance level highlighted by crypto analysts. Sustained momentum above this point could trigger a major price surge.
However, not all technical analysis is bullish. A bear flag pattern on the DOGE/USD daily chart suggests a possible 30% decline in the coming weeks.
This bearish pattern formed after DOGE fell from a high of $0.214 in late 2024. The price has since been consolidating between a descending upper trendline and lower support near $0.137.
On March 24, DOGE tested the upper trendline but closed with a red candle. This rejection reinforces bearish momentum and could trigger a drop to $0.11 if the lower trendline breaks.
Technical Analysis
Technical indicators support this bearish outlook. The Relative Strength Index (RSI) has fallen from 58.71 to 47.45, showing weakening buying pressure. A recent death cross between DOGE’s 50-day and 200-day moving averages further strengthens the bearish case.
The Dogecoin Foundation recently unveiled its “Official Dogecoin Reserve,” purchasing 10 million DOGE coins. This initiative aims to enhance stability and attract institutional interest to the cryptocurrency.
Also known as House of Doge, this division invested $1.8 million to make Dogecoin faster and more usable for everyday transactions. The goal is to speed up blockchain settlements and make payments more efficient for businesses and consumers.
Michael Galloro, a board member-elect at House of Doge, believes the reserve will increase Dogecoin’s appeal as a practical payment method. The organization plans to push for broader use of DOGE in global payments.
Unlike Bitcoin’s fixed supply, Dogecoin’s inflationary model makes it well-suited for daily transactions. To encourage adoption, House of Doge is planning cashback incentives and merchant partnerships.
Interest in Dogecoin extends beyond businesses. The Dogecoin Foundation has reportedly had discussions with US government representatives about using DOGE for everyday payments like city parking and utility bills.
Three Dogecoin-related exchange-traded fund (ETF) applications are currently awaiting review by the US Securities and Exchange Commission. Bloomberg analysts estimate a 75% chance these DOGE ETFs will be approved by year-end.
Dogecoin’s price is currently consolidating in a symmetrical triangle pattern. Some experts predict DOGE could rise by 16%, reaching between $0.19 and $0.20, if a bullish breakout occurs.
External factors may also impact DOGE’s price. Elon Musk’s close association with Dogecoin has historically tied the cryptocurrency’s performance to his business ventures, particularly Tesla (TSLA).
Tesla’s stock has fallen over 50% since late 2024 due to declining sales, production challenges, and Musk’s political involvements. Given Dogecoin’s correlation with Tesla, this stock crash may have damaged long-term confidence in DOGE.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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