Recent trading in Dogecoin has seen the meme coin retreat towards the mid-$0.13 range, as sellers have maintained control over price movements. In the past 24 hours, every attempted rebound has been swiftly undermined, leaving Dogecoin languishing at the lower end of its trading range.
In a recent analysis on social media platform X, a notable crypto analyst has drawn attention to a crucial technical level on Dogecoin’s 2-day chart. Despite the ongoing weak price action, Dogecoin currently rests right on a long-term support zone within a descending triangle pattern. This area has the potential to serve as a launching pad for a significant upward movement, provided that buyers respond effectively.
Analysis of Dogecoin’s price behavior indicates it has been forming a recognizable descending triangle since December 2024. A consistent downward trendline has limited rallies throughout the year, leading to a series of lower highs that signal persistent selling pressure. Conversely, a horizontal support zone, ranging between $0.135 and $0.14, has held firm against recent declines, preventing deeper breakdowns.
At present, Dogecoin is pressing against this lower boundary once again. The candles on the 2-day candlestick chart cluster just above the dashed support band, capturing the attention of the analyst, known as Butterfly on X, who highlighted this cluster to indicate how closely the price is abiding by this crucial level.
Historically, visits to this support zone have led to temporary bounces, making the current test particularly significant. The price movements are tightening, suggesting limited room for lateral movement before a decisive break occurs.
In the analysis posted on X, the analyst stated that this support level has been “respected multiple times” and signaled that bulls may be preparing to engage. The critical factor is whether this lower support can hold yet again; if it does, the descending triangle may transition from a slow decline to a springboard for a vigorous upward reaction.
A robust defense of this support would suggest that sellers are losing momentum at these price levels. Even a modest influx of buying could propel Dogecoin back toward the descending resistance line, which crosses the chart in the $0.25 to $0.26 range. A successful break and close above this trendline would represent the first significant higher high in months, indicating that the triangle has resolved in favor of an upward trajectory.
The analyst’s chart illustrates this plausible scenario, depicting a path where Dogecoin could potentially lift from its current support band, breach resistance, and swiftly ascend towards the $0.40 mark.
As Dogecoin trades at approximately $0.13, all eyes remain on the forthcoming actions in this crucial support zone, with traders hoping for a turnaround that ignites renewed bullish momentum.
