Dogecoin Market Analysis – May 9, 2025
Dogecoin has finally hit the psychological level of $0.20, breaking past the major resistance of $0.18. This marks a critical breakout for DOGE holders.
Technical Overview:
Support Level: $0.18
Resistance Zones:
Immediate: $0.20
Next: $0.24
Major: $0.265 (key neckline from previous double top)
Trade Plan:
Entry: After 2 daily candle closes above $0.20
Targets:
TP1: $0.24
TP2: $0.265
TP3: $0.30+ (if $0.265 breaks with strength)
Stop Loss: Below $0.18
Historical Significance:
The $0.265 area is the neckline of a historic double top pattern that triggered DOGE’s previous bear market. A breakout above it could signal the start of a new bull run, with potential upside to $0.40–$0.50.
Caution:
Dogecoin is currently more reactive to Bitcoin’s price action than Ethereum. If Bitcoin retraces sharply, DOGE could revisit $0.16–$0.18 even after a breakout.
Summary:
Watch for confirmation of strength above $0.20. If confirmed, the next leg toward $0.265 is in play. Use caution and proper risk management.
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