Dogecoin hovers at $0.175, nearly breaking its triangle pattern near a crucial support at $0.168, threatening further losses.
A drop below $0.168 could expose DOGE to a 30% decline, with support levels only returning near $0.12 and $0.093.
Whale transaction volume spiked to $23.35 billion in 24 hours, showing major capital flow ahead of a possible directional move.
Dogecoin is holding just above a key support zone at $0.175 as a symmetrical triangle pattern formed since February narrows sharply. The current price action is pressing against the lower trendline of this pattern, with the critical $0.168 level acting as the final major support. Analysts note that this level aligns closely with the 78.6% Fibonacci retracement at $0.181, adding weight to its significance.
If the price falls below $0.168, Dogecoin may enter a low-liquidity region with limited historical support. This so-called "void zone" ranges between $0.168 and $0.12. Technical projections based on Fibonacci extension levels point to potential downside targets of $0.12, $0.093, and in extreme conditions, $0.078. Such a breakdown could represent a drop of up to 30% from current levels.
Whale activity signals high volume movement
Market data indicates that Dogecoin recorded $23.35 billion in whale transactions within 24 hours on June 13. This unusual spike suggests significant capital movement, often associated with major trend shifts. However, despite the heightened volume, the price has stayed range-bound, suggesting uncertainty among large holders.
https://twitter.com/ali_charts/status/1934131255353962564
Should Dogecoin rebound from current levels, the immediate resistance stands at $0.205, followed by a more substantial ceiling at $0.237. These points have repeatedly rejected price advances in recent months. A breakout above the triangle’s upper boundary must confirm a shift toward bullish momentum.
Broader market struggles weigh on DOGE
Despite the attempts of the overall cryptocurrency market to improve momentum, Dogecoin still experiences slow recovery. Its low volatility and tapering volume have caused its prices to be particularly susceptible to any directional breakout. The symmetrical triangle shape is also at the point of the peak, and this will indicate that a move is imminent.
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