Dogecoin is testing the lower boundary of the symmetrical triangle formation that has been ongoing since February. If the critical support level of $0.168 is broken, there is a risk of the price dropping by approximately 30%, falling to levels of $0.12 or even $0.093.

According to analyst Ali Martinez's assessment, Dogecoin (DOGE) is currently trading around $0.175, and this price level is near the lower trend line of the symmetrical triangle and the 78.6% Fibonacci retracement point at around $0.181. The $0.168 level is seen as a significant support from a technical perspective; because below this price, there is a 'gap area' where previous purchases of DOGE have been scarce and supports are weak.

If sellers manage to break this critical support, a acceleration in the decline is expected. In such a scenario, DOGE could quickly drop to the $0.13–$0.12 range, and some analyses indicate that deeper declines could even bring levels of $0.093 or $0.078 into play.

On the other hand, if this critical support level is maintained, there is still a chance for Dogecoin to recover. However, for the recovery to turn into a strong upward trend, it is necessary to break the upper boundary of the symmetrical triangle. This upper boundary has been a significant resistance preventing DOGE's price increase since February, and a sustainable bull market is not expected without a permanent breakout above it.

For the continuation of upward movement, resistance levels of $0.205 and $0.237 are prominent targets. Breaking these levels is of critical importance for Dogecoin to achieve a solid position at higher prices.


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