DOGE Tests Key Support: Despite a 6.8% Weekly Drop, DOGE Could Rebound to $0.183

Despite a bleak outlook from technical analysis, analysts are bullish on Dogecoin (CRYPTO: DOGE) and see more gains ahead.

Here's a look at what analysts in the crypto sphere had to say about Dogecoin and what they are watching for in the coming days and weeks.

What Happened: Dogecoin is currently trading at $0.166 and is down more than 3% over the past 24 hours. Over the past week, DOGE is down 6.8%.

As CCN reports, traders are betting against Dogecoin as the funding rate has turned negative. The Network Value to Transaction (NVT) ratio is also high, which shows there is more speculation than real use. If the interest does not increase, then DOGE could fall to $0.10 unless it breaks through $0.18.

However, analysts see strong growth for the memecoin. Dogecoin’s previous all-time high of $0.73 was in May 2021. If it manages to break its ATH, it could even aim for $1.

Analyst Ali Martinez said that DOGE is testing a key support level at $0.167. If it manages to hold above this level, then it could rebound to $0.175 and even rally up to $0.183.

If the price drops below the support, it could continue to decline and test the next level at $0.15.

If the bulls manage to push the price above the $0.175 resistance, it could continue to rally toward $0.183. A breakout above this level could propel DOGE to retest the 2023 high at $0.22.

Above the $0.22 resistance, the next target for the bulls is the 2021 high at $0.66. From this level, the price could encounter resistance at $0.73, which is the all-time high.

A new weekly chart by analyst GreenCrypto on TradingView shows that Dogecoin is forming an Ascending Wedge pattern, which is a sign of a long-term upward trend since 2023. If the pattern continues, Doge could breakout and register a new all-time high of $1.161 with 582% gain.

He has also warned that if it drops below the key support level at $0.177, then price could further see downward movement.

Related Link: Want To Buy 500 Million Dogecoin? This Anonymous Wallet Just Did

DOGE Needed For Altseason: Another analyst said that for the next altseason to kick off, DOGE needs to pump.

Analyst Cas Abbé said that since 2017, DOGE rallies have often signaled the start of altcoin season.

“We're due for another one and it's getting close. Whenever DOGE has shot up 50%+ from a low and closed a candle above 0.22 it's nearly always kicked off a bull season for altcoins.”

Now, to trigger the next rally, DOGE needs to break above $0.22, which could overlap with the upcoming altseason.

Abbé added that two large whale wallets have accumulated over 100 million DOGE in the past week which further increases the chances of a price rise.

With the altcoin season fast approaching, these indicators hint that the memecoin is all set for a powerful pump.