- Dogecoin is holding above $0.136, but remains capped by key resistance near $0.141
- Momentum indicators are still slightly bearish, keeping downside risk in play
- A confirmed close above resistance could open the door to higher upside targets
Dogecoin isn’t collapsing, but it isn’t convincing either. After the latest dip, DOGE has managed to stay above the $0.138 area, showing a bit of resilience while the broader market wrestles with uncertainty. Price action, however, still tells a cautious story, with Dogecoin stuck in a visible downtrend and trading near the middle of its 24-hour range between $0.136 and $0.142.
What stands out is activity. Trading volume surged to roughly $1.11 billion, up about 119% over the past day, which signals rising participation rather than apathy. That said, volume alone won’t flip the trend. For Dogecoin to unlock a bullish reversal, it needs to reclaim and hold key resistance levels, otherwise the risk of another pullback remains very real.
Dogecoin Tests a Critical Resistance Zone
On the daily chart, Dogecoin briefly pushed above the 0.382 Fibonacci resistance near $0.14101 before quickly reversing lower. That level has acted as stubborn overhead resistance in recent sessions, so the rejection wasn’t entirely surprising. The initial break hinted at bullish intent, but the lack of follow-through exposed weak conviction from buyers.
To shift momentum decisively, DOGE needs a clean daily close above this Fibonacci level, ideally with expanding momentum. Right now, that confirmation is missing. The Awesome Oscillator remains slightly negative, with red bars showing that bearish pressure hasn’t fully backed off yet.
If price fails to reclaim $0.14101, downside levels come back into focus. Immediate support sits near the 0.5 and 0.618 Fibonacci retracements around $0.13625 and $0.13148. A bounce from those zones could keep the structure intact, but losing them would tilt the balance toward a deeper correction. If the AO slides further into negative territory, the odds increase for a move toward the 0.786 Fibonacci support near $0.1247.
Breakout Narrative Starts to Circulate
Despite the mixed signals, not everyone is bearish. Analyst Jonathan Carter noted that Dogecoin appears close to breaking out of a descending channel on the daily timeframe. According to his view, DOGE trading above the 50-day moving average may signal the early stages of a trend reversal after an extended downtrend.
Carter outlined several upside targets if a breakout materializes, starting at $0.153 and stretching through $0.182, $0.206, $0.240, and even $0.280. Those levels assume momentum builds and resistance zones are cleared with conviction, not just quick wicks and reversals.
For now, Dogecoin sits at a crossroads. It’s holding up better than some expected, but it still needs to prove that buyers are ready to commit, not just react.
