- DOGE bounced back from key support at $0.14, showing strong buyer interest after a sharp decline.
- Cas Abbé highlights resistance at $0.22, $0.28, and $0.46, with $0.14750 as a key level for DOGE to hold.
- Crypto Billion sees a potential breakout as DOGE moves out of a falling wedge, making this a crucial turning point.
Dogecoin (DOGE) has reclaimed its seven-month trendline support after a steep decline from its Q4 peak. The asset lost 75% of its value since surpassing $0.48, nearly erasing gains linked to external market events.
Market Movement and Technical Outlook
According to market analyst Cas Abbé, DOGE previously followed an ascending trendline for seven months, acting as key support during past corrections. The daily time frame on KuCoin shows a structured decline, forming lower highs and lower lows before testing the trendline at $0.14. Abbé noted that DOGE briefly dropped below this level but quickly reclaimed it, signaling strong buying interest.
Before reaching support, DOGE faced heavy selling pressure, reflected in consecutive red candlesticks. However, Abbé pointed out that once DOGE approached the trendline, momentum shifted, leading to multiple green candlesticks. He explained that the increase in trading volume at this level shows stronger market participation, confirming the significance of the reclaimed support.
Potential Breakout Scenarios
Cas Abbé identified three resistance targets for DOGE if its recovery continues. The first level (T1) stands at $0.22, followed by T2 at $0.28, and a long-term target (T3) above $0.46. He emphasized that DOGE must hold above $0.14750 to maintain its upward potential. If DOGE fails to sustain this level, renewed selling could drive prices toward $0.12.
Crypto Billion analyzed DOGE’s price structure and noted that it is emerging from a falling wedge pattern. He observed that past breakouts from similar formations have led to sharp price increases. He also pointed out that DOGE’s current market positioning resembles previous bullish reversals, making this level an important test for its next move.
Analysts are watching to see if DOGE can establish stable support above the trendline, which could confirm a bullish reversal. The next few trading sessions will determine whether the asset transitions from its bearish trend into recovery.
