Dogecoin surpasses $0.16 as Bitcoin crosses above the $84,000 mark. However, the short-term recovery faces critical resistance and struggles to overcome the $0.17 mark.
The price action analysis reflects the Dogecoin price reaching the apex of a triangle pattern. Will this lead to a bullish breakout to the $0.20 mark, or is a breakdown inevitable? Let’s find out.
Dogecoin Price Analysis
In the 4-hour price chart, the Dogecoin price action reveals a quick way-shift recovery from the $0.13 mark. This leads to a significant recovery with the help of a local support trendline.
However, the bullish recovery fails to surpass the $0.17 mark. This reveals a strong overhead supply zone, keeping the bullish growth in check.
Furthermore, the overhead ceiling and the support trendline create an ascending triangle pattern. Currently, the DOGE coin price is nearing the apex of the pattern, teasing a potential breakout rally.
Supporting the upside chances, the 20 and 50 EMA lines in the 4-hour chart have given a bullish crossover, with the 50 and 100 EMA lines on the verge of reclaiming positive alignment.
Hence, in case of a breakout rally, the bull run is likely to reach the R2 pivot resistance level at $0.1936. This increases the possibility of DOGE coin reclaiming the $0.20 psychological mark.
On the flip side, if the 20 EMA line in the 4-hour chart fails to hold the Dogecoin price, the downfall is likely to test the $0.15 mark. A steeper correction could put pressure over the S1 pivot support level at $0.1384.
Analyst Sirens Dogecoin To Reach $0.29
Supporting the upside chances in Dogecoin, Ali Martinez, a crypto analyst, signals a potential buying opportunity. The analyst highlights a potentially big week coming for Dogecoin.
#Dogecoin $DOGE is gearing up for a big week. A close above $0.17 could open the door to $0.21 or even $0.29, as long as it holds the key $0.13 support. pic.twitter.com/oUnTLRqe3D
— Ali (@ali_charts) April 14, 2025
As the Dogecoin price marks a significant low price rejection on the weekly time frame. Furthermore, it bounces back from a long-standing support trend line in the weekly chart, hinting at a new bullish swing for Dogecoin.
As per the analyst, the close above $0.17 could pave the way to $0.21 or $0.29. However, the analyst highlights the crucial $0.13 support level as a fail-safe level.
