Dogecoin has experienced a sharp decline, dropping to $0.238 following a sell-off that erased recent gains. The popular meme cryptocurrency lost 9.5% in the past 24 hours and about 8% over the week, according to market feeds.
The sudden spike in activity caught many traders off guard. This volatility has drawn attention from analysts trying to determine what might come next for the dog-themed token.
Analyst Merlijn The Trader has identified what they call a “textbook double top” pattern on the DOGE price chart. This technical formation showed two failed attempts to push higher before the price slid beneath a neckline near $0.27.
$DOGE IS FLASHING A TEXTBOOK DOUBLE TOP.
Bearish retest locked. Target sits at $0.238.
Don’t confuse noise with signal.
The chart is already telling the truth. pic.twitter.com/GJ32G2kniw
— Merlijn The Trader (@MerlijnTrader) September 21, 2025
The double top setup produced a measured move target of around $0.238 — a level that the market has now reached. The analyst shared this analysis on Twitter with a chart illustrating the pattern.
Current resistance for Dogecoin sits at $0.27, and technical analysts suggest that a daily close above $0.28 would be needed to weaken the bearish case. While the price remains under the neckline, chart watchers see the pattern as favoring further downside.
Not all market participants share the same outlook. Some analysts have presented a more optimistic view, pointing to a completed retest of a long-running descending trendline that had capped rallies for months.
They note that Dogecoin broke above this trendline before pulling back into a support zone between $0.24 and $0.25, where buyers appeared to step in. If DOGE can hold above this base, momentum could potentially push the price toward $0.30.
Further upside targets mentioned by bulls include the $0.32-$0.35 range — levels at which the token traded earlier this year. This perspective suggests the current pullback might be temporary rather than the start of a larger decline.
On-chain measures provide additional context for the recent price swings. The Market Value to Realized Value (MVRV) ratio has climbed but remains below the highs seen in previous market tops.
This has led some analysts to suggest that Dogecoin’s current market positioning might represent a steady base rather than an exhausted rally. The coin has largely traded between $0.20 and $0.25 since 2023, establishing what appears to be a range.
Trading numbers highlight the intensity of recent market activity. Dogecoin’s market cap currently stands near $36 billion, while 24-hour trading volume has surged to approximately $4.7 billion — representing a 180% increase.
The circulating supply of Dogecoin remains steady at 151.04 billion DOGE. The volume-to-market-cap ratio currently sits at 13.04%, which market observers interpret as a sign of unusually aggressive activity from both large holders and retail traders.
This elevated trading activity suggests heightened interest in the cryptocurrency during this period of price volatility. The sharp increase in volume often indicates a significant shift in market sentiment or positioning.
Talk of a potential Dogecoin ETF continues to influence price targets among some market participants. According to commentary from analyst Ali Martinez, if Dogecoin can regain the $0.27-$0.28 price range, it could potentially spark a quick push toward $0.45, with interim targets at $0.39.
Martinez points to the brief breakout above $0.27 as a bullish signal, even though it did not hold for long. For many traders watching the market, expectations around a possible ETF approval remain a key catalyst that could transform near-term weakness into renewed upward momentum.
DOGE is currently trading at $0.24, having bounced slightly from its recent low. The cryptocurrency’s next moves will likely be closely watched by both technical analysts and on-chain data specialists for clues about its medium-term direction.
The post Dogecoin (DOGE) Price: 9.5% Drop in 24 Hours as Trading Volume Jumps 180% appeared first on Blockonomi.
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