Dogecoin has entered a decisive phase that has caught the attention of traders and analysts alike. The popular meme cryptocurrency is hovering around $0.23, a level that many consider critical for determining its short-term future.
The cryptocurrency recently surged by 10% in a single day, reclaiming the $0.24 mark. This sudden upward movement has reinvigorated interest in DOGE’s potential.
Crypto analyst More Crypto Online describes the current situation as the “B-wave danger zone” based on the 1-hour DOGE/USDT chart. After a positive rally, Dogecoin is now experiencing a classic corrective pullback.
Several Fibonacci levels are being watched by traders, including $0.2403, $0.2457, $0.2502, $0.2276, and $0.2097. However, the most crucial level appears to be $0.23.
If DOGE maintains its position above $0.23, the cryptocurrency could potentially push toward $0.26 or even $0.28. However, falling below this threshold might lead to a rapid decline.
Technical indicators present a promising setup for Dogecoin. The cryptocurrency has recently climbed above a descending resistance line and successfully retested the $0.24 level – a pattern that often signals continuation.
Some analysts have identified a forming bullish double bottom pattern, which historically indicates strong potential for a trend reversal. If confirmed, this setup might provide the necessary momentum for Dogecoin to advance toward the $0.42 level in the coming weeks.
More ambitious technical models forecast a potential rally into the $0.60-$0.70 zone, particularly if DOGE breaks through long-standing upper trendlines.
One technical forecast suggests Dogecoin could target $0.40 if it breaks above the current trendline. Wave-3 momentum might potentially extend toward $0.45-$0.50 after a pullback entry.
Another analysis indicates DOGE may be setting up for a Wave 3 breakout, with targets near $0.37-$0.50 if it clears the trendline and holds during the pullback phase.
Market sentiment for Dogecoin appears to be improving. Recent data shows the cryptocurrency could approach the $0.308 mark by the end of August, supported by a “Greed” index reading of 72, which reflects high investor appetite for risk assets.
This renewed enthusiasm has been bolstered by both whale accumulation and increased retail participation. These factors signal that confidence in Dogecoin is not only technical but also rooted in broader market psychology.
Dogecoin remains the ultimate retail playground in the cryptocurrency space. While Bitcoin consolidates and institutions debate, DOGE continues to be driven largely by emotion, social media buzz, and retail investor sentiment.
$DOGE is showing a pattern similar to 2024. It’s forming a rounding bottom & if it breaks $0.29, it could rally like last time from $0.18 to $0.49.
A converging triangle is also forming, which means a breakout might be coming.
If the pattern repeats, we could reach $0.80 in Q4. pic.twitter.com/ZhUQ8LRyGf
— Crypto Zeinab (@CryptoZeinab) August 20, 2025
That dual nature serves as both a strength and weakness for the cryptocurrency. When market sentiment shifts, it tends to change rapidly for Dogecoin.
Whales are showing steady support at the $0.22-$0.24 levels, which helps establish a floor for the current price action.
The recent technical breakouts suggest that a successful retest of key levels could trigger momentum toward the $0.50-$0.60 range.
Patterns forming, such as the double bottom and megaphone patterns, further reinforce bullish sentiment, showing potential upside targets between $0.42 and $0.60.
Institutional selling and profit-taking remain threats to the upward movement. Bulls need to maintain the $0.23-$0.24 level to sustain momentum.
While a move to $0.60 in the immediate future may appear optimistic, most analysts are looking toward such levels for mid-to-late 2025, assuming overall crypto sentiment remains bullish and Dogecoin can secure good weekly and monthly closes above resistance levels.
At press time, Dogecoin was trading at around $0.24, up 10.42% in the last 24 hours.
The post Dogecoin (DOGE) Price: Technical Analysis Shows Critical $0.23 Support Level appeared first on Blockonomi.
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