Dogecoin in Critical Decision Zone with Major Target at $0.455: Analyst

An analyst has observed the price of Dogecoin in a critical decision zone, with upward targets reaching $0.455. Bicoinmoney, an analyst on TradingView, recently shared an in-depth technical analysis, noting that Dogecoin, currently trading at $0.1631, is forming a descending triangle pattern. Typically, this pattern signals a bearish continuation if broken to the downside.  Currently, Dogecoin is testing a key horizontal support zone around $0.164–$0.18, a historically significant accumulation area. However, the formation of lower highs suggests that sellers remain in control.

Dogecoin Technical Indicators On the technical front, the Ichimoku Cloud analysis reveals that the price is below the cloud, with both the Tenkan and Kijun lines pointing downward, reinforcing a bearish trend. No signs of a bullish reversal have emerged from this indicator. The Relative Strength Index (RSI) is also at 32.98, approaching the oversold zone. While this suggests a bounce may be possible, no substantial divergence has been observed between the RSI and its moving average. Furthermore, the Wave Trend Oscillator is deep in the oversold zone around -50, showing slight upward movement, which could signal a short-term bounce. The Moving Average Convergence Divergence histogram, though shrinking on the negative side, indicates that the bearish trend is weakening. However, the MACD has not yet crossed above the signal line, so traders should wait for further confirmation. Bicoinmoney also notes that the Cluster Algo indicators are not showing strong bullish signals, though the compressing lines suggest a potential breakout in the near future. Key Support and Targets for Dogecoin Price According to the analyst, the critical support level for Dogecoin is $0.164. If this level fails to hold, the price could fall to the previous lows of $0.11–$0.12. On the upside, immediate resistance is between $0.20 and $0.21, with further targets at $0.28 and $0.455.  Dogecoin would need to surge by approximately 179% to reach a price of $0.455 from its current price of $0.1631. DOGE at a Make-or-Break Level Meanwhile, analyst Martinez stresses that Dogecoin is at a "make-or-break" level, emphasizing that the price must hold above this critical support for an uptrend to continue. Martinez suggests that if Dogecoin can maintain its position above $0.16, it could rally toward the $0.57 resistance level.  However, if support at $0.16 fails, Dogecoin may significantly decline, potentially reaching lows of $0.06. A separate analyst on TradingView points to a bullish divergence on Dogecoin’s chart. The price has been posing higher lows while the RSI shows a downward trend. This discrepancy suggests a potential reversal or rally, though no specific price target has been provided. The analyst urges traders to focus on the technical indicators rather than being swayed by news.