- Dogecoin trades near $0.20 after falling over 60% from 2024 highs, showing signs of potential trend reversal.
- ETHNews analyst identifies falling wedge on weekly chart, suggesting a breakout toward $0.50 and possibly reaching the $1.00 mark.
Dogecoin (DOGE), currently trading near $0.20, is down over 60% from its 2024 peak. Despite the drawdown, technical signals on higher timeframes suggest a possible price reversal. A well-followed crypto ETHNews analyst has identified a falling wedge pattern on the weekly chart, historically associated with trend reversals when price compresses toward a confluence level.
The pattern begins with declining highs and lower lows, which the ETHNews analyst traced back to December 2023. DOGE recently retested $0.2280, a former resistance level recorded in March 2023, now acting as support.
According to the chart setup, a successful breakout above the wedge could push the price first to $0.50, and then toward $1.00, representing a projected increase of 400% from current levels.
This setup mirrors DOGE’s previous pattern from March to November 2023, when the asset climbed to $0.45 following a similar technical structure. Historical price action shows DOGE has moved with high volatility. In 2023 alone, the coin surged 720% from its low to yearly high.
Among potential traders, ETHNews analysts highlight the impact of macroeconomic policy. If reciprocal tariffs pressure the U.S. economy, it may result in a return to quantitative easing, fueling capital inflows into risk assets, including crypto.
In addition, there is speculation that the U.S. Securities and Exchange Commission (SEC) may approve a Dogecoin ETF, due to DOGE’s classification as a proof-of-work asset not labeled as a security. ETF approval would bring institutional inflows, particularly from firms seeking exposure to crypto outside of Bitcoin.
Dogecoin also holds relevance in discussions around crypto reserves, positioning itself as a possible asset for long-term treasury allocation. Lastly, with investors showing less interest in smaller meme tokens, DOGE may regain volume as a more liquid and recognized alternative.
For now, bullish projections remain valid as long as DOGE stays above the ascending trendline dating back to June 2023. A breakdown below that level would invalidate the current setup and delay further upside potential.
As of March 27, 2025, the live price of Dogecoin (DOGE) is $0.19151 USDT, marking a daily decline of −1.74%. Today’s price action has ranged between $0.18771 and $0.20060, as DOGE consolidates below the key psychological resistance at $0.20. The 24-hour trading volume stands at approximately 818.13 million DOGE, reflecting active but cautious market participation.
Over the past 7 days, Dogecoin has gained +7.62%, recovering from recent lows around the $0.17 mark. Despite this short-term recovery, DOGE remains in the red for the month with a −8.97% loss, and year-to-date, it has dropped −39.38%, underlining persistent macro weakness in the meme coin sector.
However, on a 6-month basis, DOGE is still up +55.08%, indicating that the longer-term trend remains technically bullish.
At the moment, Dogecoin is struggling to reclaim and hold above the $0.20 level, which has been a strong dynamic resistance since early March. If DOGE can close a daily candle above $0.205, it would confirm bullish structure and likely initiate a push toward $0.23–$0.26, with potential mid-term extension targets at $0.30.
On the downside, immediate support sits at $0.187, and a break below that level could send the price to $0.173, or worst-case, retest the stronger demand zone near $0.159.
