DOGE is currently trading around $0.17-$0.18, below the $0.180 level and 100-hourly SMA
A bullish rounded bottom pattern has formed, suggesting a potential trend reversal
Key resistance levels are at $0.1750, $0.1840, and $0.1920
Tesla denied reports of seeking to replace CEO Elon Musk, with no significant impact on DOGE prices
Technical indicators show DOGE may be preparing for a breakout to reach $0.19
Dogecoin has been experiencing price volatility over the past few days. The cryptocurrency started a fresh decline from the $0.1900 zone after failing to break through the $0.200 resistance level.
DOGE is currently trading below the $0.180 level and the 100-hourly simple moving average, with a recent low forming at $0.1671.
The price is now attempting a recovery wave, having surpassed the 50% Fibonacci retracement level of the downward move from the $0.1807 swing high to the $0.1671 low.
A key bearish trend line has formed with resistance at $0.1740 on the hourly chart, near the 61.8% Fibonacci retracement level of the recent downward move.
The first major resistance for bulls sits near the $0.1840 level, followed by $0.1850. A successful break above these levels could send the price toward the $0.1920 resistance.
Technical Patterns Point to Potential Reversal
Technical analysis reveals that Dogecoin has completed a bullish rounded bottom pattern. This structure suggests a shift from bearish to bullish territory.
The pattern formed after DOGE experienced a prolonged downtrend from the $0.205 zone to a low of $0.130. Following the market dump in early April, Dogecoin began forming higher lows and gradually curving upward.
This rounded structure shows two key lows—the first bottom around $0.13009 and the second higher low near $0.15217. These lows form the characteristic U shape seen in bullish rounded bottom patterns.
The $0.16661 and $0.18028 levels, which were critical resistance zones during Dogecoin’s previous downtrend, have now been breached with strong bullish candles confirming the breakout.
Range-Bound Trading and Breakout Potential
Over the past few weeks, DOGE has been moving sideways in two distinct range-bound periods. During these phases, the meme coin’s price action has exhibited classic “false break” behavior.
In the first observed range, Dogecoin witnessed a false breakdown, dipping below the support level before recovering. This was followed by a false breakout, with the price surging above resistance before quickly retracing.
#Dogecoin has been moving within different Ranges, experiencing both false breakdowns and breakouts.$Doge has now returned to its current range. Soon, $Doge is expected to break out, potentially sending it higher pic.twitter.com/MBIpHKcDwN
After multiple failed attempts to break the range meaningfully, analysts suggest Dogecoin is primed for a true breakout, potentially triggering a rally to $0.19.
Musk and Tesla News Show Limited Impact
Dogecoin prices remained stable despite reports that Tesla was searching for a new CEO to replace Elon Musk, a known Dogecoin supporter. These reports were later refuted by both Musk and Tesla.
According to the initial report, Tesla board members had reached out to executive search firms about a month ago, concerned about Musk’s involvement with the Trump administration. However, Tesla quickly labeled the report “absolutely false” on its X account.
Musk himself called it a “deliberately false article” in a follow-up post. Despite the controversy, DOGE prices wobbled only slightly between the $0.16-$0.17 mark in the 24 hours following the news.
Tesla has accepted DOGE—the only cryptocurrency it supports—for merchandise payments on its site since early 2022. Users can connect their DOGE wallets directly to the site for purchases.
What’s Next for Dogecoin?
If DOGE fails to climb above the $0.1750 level, it could start another decline. Initial support sits near $0.170, with the next major support at $0.1680 and main support at $0.1600.
A break below $0.160 could send the price toward $0.1550 or even $0.1450 in the near term.
Technical indicators show mixed signals. The MACD for DOGE/USD is losing momentum in the bearish zone, while the RSI is above the 50 level, indicating some positive momentum.
With DOGE currently trading at around $0.18 with substantial momentum and volume, the consolidation phase above its breakout zone suggests strength and a likely continuation of an upward trend.
A breakout above the resistance range near $0.19-$0.20 would further validate the bullish setup, potentially signaling the start of a stronger upward momentum phase for the popular meme cryptocurrency.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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