Critical Threshold for Dogecoin Price: Is It an Uptrend or a New Decline?

Dogecoin (DOGE) is approaching an important support area that determines the bottom level in April. This level will play a key role in determining the short-term price direction and will reveal whether the upward movement will continue.

DOGE, which saw its local peak in mid-May, has pulled back to the $0.168 level, losing about 30% in value since that date. Popular analyst Ali Charts notes that this level corresponds to the lower boundary of the symmetrical triangle formation. Breaking this support area could bring a new decline risk of up to 30% for DOGE's price.

Below $0.168: Dangerous Void

If DOGE falls below $0.168, it will have entered a price range defined in technical analysis as a 'liquidity void,' where low trading activity has been observed in the past. This could increase selling pressure and accelerate the decline.

What Does the Formation Say? Long-term Bullish Hope

From a broad perspective, the symmetrical triangle structure is actually seen as part of a major 'cup with handle' formation that has lasted four years. The support line of this formation creates a technically strong breakout area as it intersects with the upper boundary of the descending channel.

If DOGE can make an upward exit from this formation, analysts believe the price could rise to $0.75. This means an increase of about 350% from current levels and also coincides with the 1.618 Fibonacci extension.

However, this scenario can only be possible if the support level of $0.168 is maintained.

What Do Technical Indicators Say?

On the indicator side, the chart looks more pessimistic. The short-term 'golden cross' formation that occurred in May could not last long. At the beginning of June, the MACD indicator created a 'death cross,' signaling a decline. This situation has strengthened the negative momentum.

The RSI is currently at 42 and is indicating that buyers are weak as it remains below the neutral zone.

If DOGE closes weekly below $0.168, the next strong support area is around $0.090. This level was last tested in mid-2024.

Eyes are on June 15: DOGE ETF Decision Approaches

Another critical development for Dogecoin is the US-based spot DOGE ETF application expected to be announced on June 15. If this ETF is approved, Dogecoin's accessibility among traditional investors will increase, which could trigger a new upward movement in price.


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