Crypto analyst Crypto Sat warned investors about a possible trend reversal signal forming in Dogecoin's 2-hour chart.

This analyst's warning came during a period when the meme coin was retesting the support levels it found since mid-April. Having seen a peak in mid-May, Dogecoin has lost about 30% of its value since that date.

What to Expect in DOGE Price?

In the analysis shared by Crypto Sat on the X platform, it is noted that Dogecoin showed signs of recovery after a strong correction, and a potential double bottom formation is taking shape on the 2-hour chart. The double bottom formation can pave the way for upward movement if significant technical support levels are maintained.

The first dip occurred around $0.168, where buyers re-entered the market.

If DOGE rebounds from this level with strong trading volume, this can be interpreted as a 'buy opportunity' signal. However, the resistance level at $0.20 stands out as a critical threshold. If the DOGE price breaks this resistance, the double bottom formation will be confirmed, and it may gain upward momentum.

On the other hand, if the price falls below $0.165, downward pressure may increase.

Dogecoin Technical Outlook

The $0.168 level is considered an important support line where bottoms have formed since mid-2024. This level also forms the handle part of an approximately 4-year cup-handle formation and is critical in terms of breakout.

If the price finds support at this point and recovers, the technical target is around $0.75. Reaching this level means an increase of about 345% compared to current prices.

However, for such a move, it is essential that the support at $0.168 remains intact and that upward momentum is preserved.

On the other hand, the MACD indicator formed a 'death cross' by falling below the signal line. This technical sign indicates that the downtrend will continue in the long term.

Additionally, the RSI is currently at 42; this indicates that purchasing power is weakening.

If DOGE breaks the $0.168 support, the next important support level is at $0.90. This level is a critical area that Dogecoin tested in mid-2024. A pullback to $0.90 corresponds to a loss of about 47%.

Eyes on SEC's Decision on Dogecoin ETF

The biggest curiosity in the market right now is the decision that the U.S. Securities and Exchange Commission (SEC) will make regarding the Dogecoin ETF applications. If the SEC approves, a significant increase in DOGE price is expected.

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