Dogecoin (DOGE) is showing signs of recovery as it tries to break out of this trend bearish trend. However, the crypto analyst identified an important roadblock at $0.15, which could determine the next move of the meme coin. According to the analyst, if Dogecoin cannot overcome this resistance, its price may reach the upper target, which indicates a possible volatility in the market.
Dogecoin Faces Major Resistance at $0.15
Dogecoin is now attracting new attention as technical indicators suggest that the meme coin may be preparing for a direct move later months of low pressure. The latest analysis shared by anonymous market expert ‘World of Charts’ on X frame a developing structure that can explain Dogecoin trading volume.
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According to experts, Dogecoin is trading near a key price point that acts as a major barrier to further upward movement. The daily chart shows the trending meme character down since its record high in late 2024with a series of low highs and lows dominating price action. This decline eventually subsided as DOGE entered a tight range of combinations near the $0.122 level, highlighted on the chart with the blue horizontal box.
In his analysis, World of Charts highlighted the blue horizontal zone as an important level to watch. He noted that after Dogecoin broke out of the horizontal box, he expects it to go above the $0.122 resistance area. Once this happens, he said the meme coin will likely start moving towards the next resistance area between $0.15 and $0.16.
As mentioned earlier, the price range between $0.15 and $0.16 has been identified as a major obstacle. If Dogecoin crosses this area, it may start strong upward pressure. Currently, the meme coin has crossed the $1.22 mark and is trading above $1.25. Maintaining a position above this level can be key reversing its long downtrend.
Dogecoin Setup Mirrors Bullish Past Cycle Patterns
In a different analysis, Bitcoinsensu has released bullish forecast for Dogecoin, highlighting a recurring pattern in its price chart. According to X post, The current price of Dogecoin is showing a historical pattern which preceded major rallies during the 2014-2017 and 2018-2021 market cycles.
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The pattern starts with an extended join or accumulation phase followed by a sharp parabolic breakout to the upside. During the 2014-2017 cycle, Dogecoin recorded a massive gain of 5,858.67%, while the 2018-2021 cycle follows a similar trajectory, with prices rising over 21,457.13%.
With this pattern now emerging in the current cycle, Bitcoinsensus predicts that Dogecoin will be on the verge of a similarly strong rally. Speculation estimates a potential gain of 3,146.88%, suggesting a possible rise from $0.125 to over $3.
Featured image from iStock, chart from Tradingview.com
