Dogecoin’s price has been stuck in a rut lately.
Since late May, Dogecoin has been on a downward slide from $0.25. For a week, it hovered around $0.18, unable to climb higher. Then, it dipped below $0.17 before bouncing back. This $0.17 level is a key support point. It’s part of a larger pattern that’s been holding Dogecoin down since December 2024.
A Descending Channel and a Potential Breakout
Crypto analyst MMBTrader points out that Dogecoin’s price has been trapped in a descending channel. Every attempt to break out has been pushed back down. However, MMBTrader thinks this might be changing.
The chart shows Dogecoin is about to test the upper resistance of this channel again. A successful breakout could send the price soaring. But first, Dogecoin needs to stay above the $0.17 support level. It also needs to convincingly break through the immediate resistance at $0.205, and then push past $0.23 to truly escape the channel.
Potential Price Targets
If Dogecoin breaks out, the price could reach $0.3 and beyond. One speculative forecast shows a path to $0.75 or even $1, but that depends on a sustained move above $0.40.
Current Market Sentiment
Right now, Dogecoin is trading around $0.1852, up slightly. However, trading volume is down 50%, suggesting buying pressure isn’t very strong. Despite this, the $0.17 support level is holding, keeping the possibility of a breakout alive.
