Dogecoin Drops 10% in 24 Hours, Analysts Predict Further Gains
2min read Dogecoin (DOGE) has recently entered a consolidation phase after reaching highs above $0.25 earlier this week. The cryptocurrency is currently trading at approximately $0.22, marking a 10% decline over the past 24 hours but still maintaining a 34% gain over the past week. This price action has garnered the attention of several crypto analysts who suggest that DOGE may be positioning for another leg higher despite the current pullback.
According to crypto analyst Rekt Capital, Dogecoin recently achieved an important milestone by recording a weekly close above its pre-halving highs. This technical development is considered bullish as the cryptocurrency is now “on the cusp of reclaiming its old resistance as new support,” a pattern already showing on daily timeframes. The same analyst projects that if DOGE can hold the $0.20 level as support, the next target could be $0.27. This view is shared by other market observers who have identified bullish chart patterns forming.
Trader Tardigrade pointed to a bull pennant established on DOGE’s 4-hour chart with a target of $0.37. The analyst also highlighted a “beautiful inverse head and shoulders pattern breakout, retest, and trend continuation” on lower timeframes, suggesting continued upward momentum above $0.24. Some analysts have taken an even more optimistic stance. Master Kenobi expects DOGE to experience a “massive pump” in the next five to six days, potentially reaching a new all-time high by the end of the week. In a previous analysis, the same analyst suggested Dogecoin could reach $1 by June, drawing parallels to DOGE’s performance during the 2017 bull run.
The recent price decline has resulted in substantial liquidations across cryptocurrency markets. Data shows that Dogecoin contracts worth $22.5 million were liquidated in the last 24 hours, with more than $19 million being long positions. This makes DOGE the fourth most liquidated cryptocurrency during this period, though still far behind Bitcoin and Ethereum.
DOGE has established a support zone near $0.220 and has shown signs of recovery after briefly dipping to $0.217. A bullish trend line has formed with support at $0.235 on hourly charts. Key resistance levels to watch include $0.244, which aligns with the 76.4% Fibonacci retracement level of the recent downward move from $0.253 to $0.217. Breaking above this level could open the path toward $0.253, with further targets at $0.265, $0.272, and potentially $0.285. On the downside, the first major support sits at $0.235, followed by $0.225. A break below these levels could push DOGE toward the psychologically important $0.20 mark or even as low as $0.188.
Technical indicators show the MACD gaining momentum in the bullish zone, while the Relative Strength Index remains above the 50 level, suggesting positive momentum despite the recent pullback. Dogecoin currently ranks as the eighth-largest cryptocurrency by market capitalization, with a value of approximately $33.7 billion, positioning it ahead of Cardano in the cryptocurrency rankings. The price action comes as part of broader market movements, with most cryptocurrencies experiencing corrections in the past 24 hours. However, DOGE remains one of the top performers on a weekly basis despite the recent pullback.
Analysts will be closely watching whether DOGE can maintain its position above the crucial $0.20-$0.22 support zone, which could determine if the cryptocurrency will resume its upward trajectory toward higher targets in the coming weeks. 
