- DOGE nears resistance with volume sharply down
- ETF news sparks hope amid shaky price action
- Chart shows breakout signs but risk still high
Dogecoin is showing signs of both strength and weakness as mixed technical and fundamental factors shape its current trend. Though short-term moves appear bullish, key market indicators suggest caution in the days ahead.
DOGE Price Faces Resistance Despite Pattern Formation
Dogecoin is trading near $0.157, close to the lower range of a resistance zone between $0.157 and $0.1622. This price area has proven difficult to break, as DOGE has failed to hold above it after brief rallies. According to RLinda’s chart, the false breakout was driven by external market events, particularly Bitcoin’s surge following political announcements.
Despite a temporary push to $0.163, DOGE quickly retraced, indicating weak follow-through by buyers. The resistance continues to limit any real price progress. Trading volume also fell by nearly 50% over 24 hours, confirming lower participation and reduced momentum in the current trend.
Open Interest in Dogecoin futures dropped by 1%, standing at $1.43 billion, based on CoinGlass data. This suggests that derivatives traders remain uncertain, with less confidence in a sustained upward move. Although institutional attention is increasing, overall volume remains lower, which often weakens short-term rallies.
ETF Developments and Chart Signals Point to Future Volatility
On April 9, 21Shares filed an S-1 form with the U.S. SEC for a Dogecoin ETF. The news has brought renewed interest as it introduces potential for regulated exposure. 21Shares also plans to launch a DOGE ETP in Europe with House of Doge. These moves may increase interest from institutional investors.
Chart analysts have identified a possible symmetrical triangle breakout pattern. CryptoElites shared that past breakouts from such patterns led to rallies, sometimes supported by lower volumes. Meanwhile, Trader Tardigrade noted a bullish RSI divergence and mentioned a Wyckoff Accumulation formation.
If Dogecoin closes below $0.13646, the price could drop to $0.1277 or even $0.1154. However, if DOGE holds its structure and breaks above $0.17, it may confirm a new upward trend.
