Dogecoin Drops Below 020 Level Amid Volatility and Support Level Test

After experiencing a brief resurgence at the start of the week, the price of Dogecoin has once again fallen below the psychological $0.2 level. This volatility has been a recurring theme for the meme coin throughout 2025, as it struggles to maintain any significant momentum.

Despite the current challenges, there is a glimmer of hope for Dogecoin. The altcoin is approaching a critical support level, which could potentially influence its future trajectory. If this support level holds strong over the coming weeks, the price of Dogecoin could see a significant rebound.

Prominent crypto trader Ali Martinez recently shared insights on the current setup of the Dogecoin price. Martinez noted that the meme coin is at a pivotal juncture that could greatly impact its long-term health and trajectory. This analysis is based on the formation of an ascending channel pattern on the Dogecoin price chart on the weekly timeframe. An ascending channel is characterized by two primary trendlines: the upper channel line connecting the swing highs and the lower boundary line connecting the swing lows.

The ascending channel pattern suggests a persistent upward price trend. However, a breakout or breakdown of this channel can indicate a trend continuation or reversal, respectively. A break above the upper trendline typically signals the continuation of an upward trend, while a breakdown below the lower channel line suggests a possible transition from an uptrend to a downtrend.

Historically, Dogecoin's price has been within this ascending channel since 2015, bouncing back each time it reaches the lower boundary line. With the meme coin currently around this trendline, historical data suggests that the Dogecoin price might find support and rebound. Martinez postulates that if DOGE maintains support at the channel’s lower boundary at $0.17, it could trigger a strong rebound toward $2.74. This potential move would represent an astounding 1,450% surge from the current price point. Conversely, if this support level of around $0.17 is breached, investors could see the Dogecoin price fall to $0.06 Fibonacci level.

As of the latest data, Dogecoin has struggled to hold above $0.2 after falling beneath the level at the end of February. The price of DOGE stands at about $0.195, reflecting an over 3%