Dogecoin Holds Above $0.15, Awaits Bullish Breakout

Dogecoin, the popular meme coin, has been facing a challenging period in the market as bears have dominated in recent months. This has led to a significant drop in its price, falling below $0.15 and dampening investor sentiment. However, there are signs that the altcoin may be setting up for a recovery, with multiple bullish formations emerging.

According to an analysis on X (formerly Twitter), the Dogecoin price has been holding support above $0.15, indicating that bulls are making a stand at this level. This pivotal point suggests that the next move for the altcoin could determine its future direction. If the Dogecoin price can reach and clear the resistance at $0.18, it would confirm a bullish trend. However, if this does not happen, the bearish downtrend could continue, potentially causing the price to drop another 20% to $0.11.

Another analyst on the platform pointed out that the Dogecoin price is still trading within a falling wedge pattern. This pattern often appears when a downtrend is nearing its end and typically culminates in a bullish breakout. If the Dogecoin price were to break out, it would still need to overcome the $0.18 resistance level. Failure to do so could result in a loss of momentum and a subsequent drop back down. The major support levels in this scenario would then lie between $0.134 and $0.142.

The current trend for Dogecoin remains bearish, with sellers still dominating the market. However, there are indications that a trend reversal may be on the horizon. Crypto analyst Trader Tardigrade noted that the meme coin has already seen a trend reversal on the 4-Hour chart, with signs of uptrend continuation. If this uptrend holds, it could mark the beginning of a prolonged recovery rally for the Dogecoin price. Additionally, the analyst confirmed that DOGE's RSI (Relative Strength Index) fell below 50 but is now trending back toward this level. A break above 50 would further support an uptrend continuation.