The V-shaped recovery in Dogecoin faces exhaustion near $0.168, risking a triangle pattern breakdown. Will DOGE dip to the $0.13 zone?
At $0.15936, Dogecoin struggles to hold a triangle pattern as selling pressure grows. The biggest meme coin has a market cap of $23 billion and has dropped 3.54% in the last 24 hours.
As market volatility persists, meme coins are poised for high-momentum moves in either direction. Could Dogecoin see a swift correction toward $0.13?
Dogecoin Price Analysis
On the 4-hour technical chart, Dogecoin forms a V-shaped recovery from the $0.13219 level, initiating a short-term rally that peaked at the $0.1680 resistance.
Alongside this recovery, DOGE’s price action forms a triangle pattern. Recently, Dogecoin completed a downswing, testing the local support trendline within this pattern.
Facing short-term pressure, DOGE has slipped below the 50 and 100 EMA lines on the 4-hour chart. Moreover, the sudden decline in bullish momentum has triggered a bearish crossover in the MACD and signal lines.
As a result, technical indicators suggest a potential breakdown and price drop due to a triangle pattern meltdown.
Rising Bearish Sentiments Signal Downside Risk
As Dogecoin price nears a potential triangle pattern breakdown, bearish sentiments are growing in the derivatives market. The Long/Short ratio has dropped to 0.8025, with the short positions reaching 55.48%.
The increasing bearish sentiments meet increased trading activity, reflected by the 0.82% rise in open interest. Currently, the open interest stands at $1.57 billion, with the funding rate dropping to 0.0007% on Bybit.
Analyst Remains Optimistic on DOGE
Analyst Trader Tardigrade remains optimistic on DOGE despite the increasing downside risk. The analyst identified an inverted head-and-shoulders pattern on the 4-hour price chart, highlighting a potential rally.
The pattern’s neckline aligns with the $0.17 supply zone. A breakout above this level could propel DOGE toward the $0.20 mark.
#Dogecoin could be forming an inverse Head and Shoulders Pattern on H4 chart 🔥$Doge pic.twitter.com/OIdRQyo7Us
— Trader Tardigrade (@TATrader_Alan) April 15, 2025
Dogecoin Price Targets
Based on Fibonacci retracement levels, Dogecoin is hovering near the 38.20% level at $0.15957. A sharp correction following a breakdown could push the price down to the 23.60% level at $0.14910.
On the upside, DOGE’s key resistance is at $0.1680. If a breakout rally occurs, Dogecoin could potentially climb to $0.18852.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
