Dogecoin is currently priced at $0.166, having dropped over 3% in the last 24 hours and down 6.8% over the past week.
According to a report from CCN, Dogecoin’s funding rate has dipped into negative territory, suggesting that traders are betting on a price decline. Additionally, the Network Value to Transaction (NVT) ratio is elevated, indicating more speculative activity than real-world usage. If investor interest doesn’t pick up soon, DOGE could slide toward $0.10—unless it can break through the $0.18 resistance level.
Analysts Remain Optimistic
Despite the recent dip, many analysts remain bullish on Dogecoin’s potential. DOGE previously hit an all-time high of $0.73 in May 2021, and some believe that if it surpasses that milestone, a run toward $1 is possible.
Market analyst Ali Martinez pointed out that Dogecoin is currently testing a crucial support level at $0.167. Holding above this threshold could trigger a rebound to $0.175, with further upside potential to $0.183.
Another analyst, GreenCrypto, highlighted in a TradingView post that DOGE appears to be forming an Ascending Wedge pattern—typically a bullish indicator. This pattern, which has been developing since 2023, could lead to a breakout and possibly a new all-time high of $1.161, representing a potential gain of 582%. However, he cautioned that a drop below $0.177 could lead to additional downside.
Analyst Cas Abbé also emphasized that a Dogecoin rally is often a key signal for the start of an altcoin season. Historically, DOGE pumps have preceded altcoin market surges since 2017. For that rally to begin, the coin needs to break above the $0.22 mark—an event that could coincide with the onset of the next altseason.
Adding to the bullish case, whale wallets have accumulated over 100 million DOGE in just the past week, potentially positioning the memecoin for a strong upward move.
With altseason on the horizon, these indicators suggest Dogecoin might be gearing up for a significant breakout.
