Dogecoin (DOGE) has experienced a significant sell-off this week, with a price decline of about 7% over the past seven days, currently trading around $0.13, with a pullback of about 5% in the last 24 hours. Despite short-term pressure, market analysts believe its long-term technical structure remains solid, with key resistance at the $0.50 level.
Analysts point out that if the price can effectively break through the key zone of $0.48–$0.50, it will confirm a long-term bullish pattern, potentially opening up upward space, with the first target looking towards $1.88.
From a technical perspective:
Since reaching its peak in 2021, Dogecoin has been in an expanding triangle consolidation range, and the current price is once again approaching the lower trend support. On the weekly level, a multi-year 'cup and handle' pattern has been basically completed, and the recent pullback has not damaged this structural pattern. With a contraction in trading volume and a recovery in momentum indicators, the high time frame RSI has retreated to a neutral level around 50, similar to the state before the major rise in 2021; at the same time, the weekly and monthly MACD are also approaching a strengthening phase, suggesting a potential trend reversal.
Once a breakthrough around the $0.50 resistance is confirmed, the subsequent trend may unfold in phases!
The first target is in the range of $0.72–$0.88, which aligns with previous highs and historical testing levels; there is potential for further upward movement to $1.80–$2.20 in the medium term. If market sentiment remains optimistic, the long-term technical structure even leaves the possibility for prices to rise to $4–$6.
In the short term, the 4-hour chart shows that Dogecoin may be forming an 'inverse head and shoulders' pattern, which is often seen as a trend reversal signal, indicating a weakening of downward momentum and a potential rebound. Traders point out that if it can stabilize above key resistance, prices may enter an accelerated upward phase.
In addition to the technical aspect, Dogecoin has also made progress in terms of application:
Argentina has approved the use of Dogecoin to pay part of the taxes, and the airline Alternative Airlines has also started accepting DOGE for ticket payments. These developments show that Dogecoin is gradually expanding its practical application scenarios, providing fundamental support for its ecological development.#DOGE
