Just like every other crypto sector, the meme coin cap has seen a significant decrease following a major meltdown in the past two months. Standing strong as the largest meme coin, Doge is down 20% on a weekly scale.

Looking at the past months of sells, Doge appeared to have lost roughly half of the late 2024 gains. It is looking bearish on the daily chart but is still trading within the bullish territory in the mid-term.

It is currently taking a break from the early week collapse after seeing a sharp bounce from the $0.2 level. The little break in selling subjected trading to a brief consolidation phase on the lower timeframe while the price remained weak on the daily chart.

Meanwhile, the recent price rejection has suggested a potential increase. If Doge repeats the mid-December pattern that brought a month’s relief in the market, we may see a nice recovery above the $0.3 level shortly.

Failure to recover above this level may result in another leg down as that could paint a bigger bearish scenario in the short term. As of now, it is yet to decide on the next direction due to the balance in the market.

However, taking a close look at the market, Doge is still maintaining a lower low and lower high pattern. Sustaining this pattern might lead to more decline until it locates a strong support level.

Source: Tradingview

The holding support level right now is $0.25, followed by the $0.20 low – tested on Monday. The next target support level to consider for a dip is $0.16.

Repeating the previous recovery pattern could push the price to the $0.30 level. Sustaining such a recovery could propel buying to $0.4 before resuming bearishness. A significant push above $0.48 should set the stage for a new bullish phase.

Key Resistance Levels: $0.30, $0.4, $0.48

Key Support Levels: $0.25, $0.20, $0.16

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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