A well-known analyst, who accurately forecasted Dogecoin's (DOGE) decline below the $0.20 mark, has now shared insights into the next potential support level for the meme coin. Despite a 6% surge today amid a bullish start to the week for the broader crypto market, Dogecoin has struggled to maintain momentum throughout the year.
With a 42% year-to-date decline, DOGE stands as the worst-performing asset among the top 15 cryptocurrencies by market capitalization. The asset has seen losses in six of the eight weeks this year, dropping over 30% from its recent high of $0.2408 last week.
**Further Downside for DOGE?**
In a recent TradingView analysis, analyst *MadWhale* correctly predicted Dogecoin's breakdown from the $0.20 resistance level, a key psychological barrier at the top of its descending triangle. DOGE lost this level two days ago, falling from a high of $0.2011 on March 8 to its current price. MadWhale anticipates a further 20% correction, with the next major support level at $0.15, reinforced by a critical trendline. This trendline has historically acted as both supply and demand zones, suggesting DOGE could stabilize here before determining its next move.
**Potential Surge to $2 Still Possible**
Despite the bearish outlook, prominent market analyst *Ali Martinez* has not ruled out a significant rebound for Dogecoin. Martinez suggests that if DOGE holds the lower support line of its multi-year ascending channel at $0.16, it could trigger a massive 1,044% surge to $2.77, based on the 1.272 Fibonacci extension level. However, he cautions that a break below the ascending channel could lead to a drastic decline, potentially dropping DOGE to $0.00168—a 99% correction from current levels.
At the time of writing, DOGE is trading at $0.1741, with a market cap of $26 billion.
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