Dogecoin Stuck In Limbo, But Could Collapse If This Support Fails, Analyst Warns

In a technical update posted on X, crypto analyst More Crypto Online (@Morecryptoonl) presented a one-hour DOGE/USD chart (Binance) illustrating a precarious sideways movement and a potential turning point for the meme coin.

A technical crypto analyst has shared their analysis on Dogecoin's (CRYPTO: DOGE) price movements, highlighting a potential turning point for the meme coin.

What Happened: Crypto analyst More Crypto Online (@Morecryptoonl) shared a one-hour DOGE/USD chart (Binance) on Thursday, highlighting the coin's sideways movement and potential next steps.

A close above $0.341 would serve as a stronger confirmation of trend reversal and likely invalidate current lower-wave counts.

A crucial observation is the muted bounce off recent lows while the Bitcoin price saw a strong move upwards on Thursday.

According to the chart, each subsequent uptick has been shallow, failing to gain meaningful traction and hinting that sellers remain active. This underscores the broader uncertainty.

If buyers cannot push above $0.293 soon, Dogecoin's sideways drift could persist. A deeper dip below $0.22 could give rise to a more extended corrective pattern, labeled on the chart as (5) or C, challenging bullish hopes that the last swing low is the cycle bottom.

In the analyst's own words: “Despite some charts showing strong moves today, the DOGE price has remained stagnant, with no clear confirmation of a bottom. The price continues to move sideways, lacking decisive momentum. A break above $0.293 would be the first step in signaling a potential reversal, with stronger confirmation coming from a move beyond $0.341. While I lean toward the low being in, there's still no definitive evidence. So far, the upside move from the last low is too small to be meaningful.”

At press time, DOGE was trading at $0.25.