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Dogecoin May Face An ‘Ugly’ Drop Before The Weekend: Analyst

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In a freshly shared four-hour chart of the DOGE/USDT trading pair on Binance, crypto analyst Carlos Garcia Tapia warns of potential downside for Dogecoin as weekend trading approaches. “If bears break this pattern, it’ll get ugly… especially since the weekend is coming,” Tapia warns.

Dogecoin Price Crash Incoming?

His chart posted via X depicts an ascending wedge formation running into a confluence of resistance between $0.338 and $0.343, as well as a notable support zone in the $0.31 region.

The chart highlights higher lows (marked as “LL” on the chart) forming the lower boundary of an ascending wedge. Meanwhile, overhead resistance (a rectangular zone around $0.338–$0.343) has repeatedly capped upward price movements. This wedge appears to be compressing price action—often a setup for a significant breakout or breakdown.

DOGE price analysis
Dogecoin price analysis, 4-hour chart | Source: X @CAGThe3rd

A horizontal resistance zone around $0.34 stands out. DOGE’s price has attempted multiple short-term moves above this level but failed to secure a confirmed breakout, suggesting sellers are firmly defending that zone.

On the downside, a green box spanning roughly $0.310 marks an area where buying interest has historically picked up. Below that level, the chart references a lower support marker near $0.262, indicating a more substantial potential drop if the wedge pattern breaks down decisively.

The analyst specifically points to the upcoming weekend as a wildcard. Historically, lower trading volumes on Saturdays and Sundays can exacerbate volatility. If Dogecoin fails to hold its rising trend line—currently near $0.328–$0.330—and liquidity thins out, the price could swiftly test the lower support around $0.310, or potentially slide toward the $0.262 zone if the selling momentum accelerates.

While a breakout above $0.343 could invalidate this bearish setup, Tapia’s cautionary note underscores the significance of a potential breakdown from the wedge formation. Weekend price action often diverges from midweek patterns due to reduced participation, meaning a sharp move in either direction could unfold more quickly than usual.

DOGE Needs To Hold $0.31

The daily chart supports Tapia’s thesis. There, Dogecoin (DOGE) finds itself under intensifying downward pressure as price action hugs a persistent downtrend line. After hitting a local high in December, DOGE has retreated below key exponential moving averages (EMAs). The 20-day EMA (currently at approximately $0.3457) and the 50-day EMA (near $0.3473) have both curved lower, signaling waning short-term momentum.

Dogecoin price
DOGE price, 1-day chart | Source: DOGEUSDT on Tradingview.com

A glance at the chart reveals that DOGE is now just slightly above the 0.382 Fibonacci retracement level, calculated around $0.313. This Fib zone has acted as the most crucial support since mid-December, but any decisive daily close beneath it could accelerate selling. Traders are keeping a close eye on the 100-day EMA (around $0.3179), which is sandwiched just above this Fib level.

If the price fails to defend the area between $0.313 and $0.317, then eyes will turn to the 200-day EMA at roughly $0.2613 as a critical long-term support. If this level breaks to the downside as well, the 0.236 Fib at $0.212 could quickly become a reality.

Featured image created with DALL.E, chart from TradingView.com



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Bitcoin

Ethereum Whales Gobble Up $422,123,359 Worth of Ethereum (ETH) in Just 24 Hours, Says Crypto Analyst

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A closely followed crypto analyst says deep-pocketed investors are loading up on the leading smart contract platform Ethereum (ETH).

Citing data from crypto analytics firm Santiment, trader Ali Martinez tells his 129,100 followers on the social media platform X that Ethereum whales accumulated over $422 million worth of ETH in just one day.

“Whales bought another 190,000 Ethereum ETH in the last 24 hours, shows data from Santiment!”

Image
Source: Ali Martinez/X

At time of writing, ETH is worth $2,221.

Looking at Bitcoin (BTC), Martinez identifies crucial support and resistance levels for the crypto king based on investor cost basis.

“The strongest resistance for Bitcoin BTC sits at $97,828.56, where 360,470 BTC were accumulated. Meanwhile, the biggest support is at $64,078.53, backed by 194,530 BTC.”

Image
Source: Ali Martinez/X

At time of writing, Bitcoin is trading for $86,356.

Turning to the top memecoin Dogecoin (DOGE), the analyst says the altcoin is currently respecting a key support level at $0.185.

“Dogecoin DOGE holds above a critical support level!”

Image
Source: Ali Martinez/X

At time of writing, DOGE is worth $0.206.

As for the payments altcoin XRP, the crypto strategist says that the fourth-largest coin by market cap may drop to as low as $1.65 as it trades within an ascending channel.

Image
Source: Ali Martinez/X

An ascending channel is a pattern suggesting that an asset is in an uptrend as it respects the diagonal support and resistance levels of the structure.

At time of writing, XRP is trading at $2.24.

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Ali Martinez

Analyst Reveals When To Start Buying

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The Dogecoin price may be in for more pain, as a crypto analyst has projected another significant breakdown to new lows. On the bright side, the analyst suggests that this retracement will offer a discount for traders who aim to capitalize on the buy-dip opportunities and accumulate ahead of a potential increase. 

If it fails to break a key resistance area, the Dogecoin price could see another major drop to new lows at $0.125. According to TradingView crypto analyst Dave Hunter, this bearish outlook is a more likely scenario for Dogecoin, considering its current market performance and volatility.

Dogecoin Price Set To Retrace To $0.125 Discount

The TradingView analyst shared a chart representing the Dogecoin price action on a weekly timeframe, highlighting the trajectory of his bearish breakdown projection for the meme coin. Hunter calls his projected decline in the Dogecoin price a discount zone, suggesting an area where traders would find it more favorable to accumulate the meme coin

The red horizontal line at $0.24 marks an order block, which is the critical resistance level at which Dogecoin’s price is set to react. The analyst urges traders to withhold buying more Dogecoin until it attempts a short-term retracement to this area.

Dogecoin
Source: Dave Hunter on X

Given the weakened state of the market, Hunter emphasized that shorting should take more precedence for traders. The reason is probably because Dogecoin has been in a declining state for weeks now, and initiating a sell-off would help traders prevent further financial losses, especially since additional slips in the meme coin’s value are expected. 

The TradingView analyst warns that liquidity sweeps from lower levels may occur, meaning stop-losses of long positions may be triggered, fueling more selling pressure. Typically, an increase in selling pressure for any cryptocurrency often fuels volatility, potentially leading to a price drop as demand decreases. 

While he shared his bearish forecast for Dogecoin, Hunter also mentioned Dogecoin’s Central Liquidity Score (CLS) and market timing for traders. He highlighted that smart money operates in specific cycles, and traders should consider aligning their market entries with these CLS-based liquidity ranges to limit trade risks. 

DOGE Rebound Incoming: Buy Signal Confirmed

In other news, Dogecoin could be getting ready for a potential price rebound, as its TD Sequential just flashed a buy signal on its daily chart. Renowned crypto analyst Ali Martinez highlighted this discovery on February 27 in an X (former Twitter) post.

The analyst’s chart indicated a 9 TD Sequential, which typically appears after nine consecutive downward candles and signals a potential trend reversal to the upside. The S13, indicated by the green arrow on the chart, also reinforces this rebound outlook. If the trend holds, Martinez believes Dogecoin could see a major upward movement from its current price of $0.21 soon.

Dogecoin
DOGE trading at $0.21 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com



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Technical Indicator Shows Ongoing Rally For Dogecoin

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Dogecoin is holding firm above major support at $0.22 despite repeated threats to break below in the just concluded week. Amidst these fluctuations, an interesting technical indicator suggests that Dogecoin’s long-term rally is still intact.

This technical indicator’s outlook was pointed out by crypto analyst Trader Tardigrade, who used the Gaussian Channel, a popular momentum tool, as evidence that Dogecoin’s bullish momentum is still in play despite the current selling pressures.

Gaussian Channel Shows Continued Bullish Strength For Dogecoin

Dogecoin’s price trajectory has been highlighted by a decline since mid-January. This decline has seen Dogecoin fall by as high as 47% from a lower high of $0.4159 on January 18. The price correction is even more pronounced when considering its multi-year high of $0.475, which it achieved on December 9, 2024, from which Dogecoin has now corrected by approximately 54%.

This notable correction has also seen the development of a few bearish signals on the Dogecoin price chart. One such bearish development is the rejection at a macro resistance and the failure to reclaim the macro golden pocket in the recent week. 

However, despite the notable correction in the Dogecoin price, the meme coin seems to be still trading in an uptrend in the longer term. This long-term outlook is revealed through the analysis of Dogecoin on the weekly candlestick timeframe using the Gaussian Channel.

The Gaussian Channel is a lesser-known technical analysis tool that helps identify trends and cycles in price movements by highlighting green and red zones in different market cycles. The green zones represent periods of upward momentum, where the price is expected to keep growing. On the other hand, red zones indicate periods of correction or consolidation, during which the market pauses before resuming its upward trajectory. 

DOGE is currently trading at $0.24. Chart: TradingView

According to a Dogecoin price chart shared by crypto analyst Trader Tardigrade on social media platform X, Dogecoin entered into its most recent green zone on the Gaussian Channel in 2024. However, despite the recent correction, it has remained in this green zone, indicating that Dogecoin’s uptrend is still active in the long term. 

Image From X: Trader Tardigrade

Long-Term Price Target For DOGE

With the Gaussian Channel still indicating the green zone for Dogecoin, the rally could resume anytime soon. According to Trader Tardigrade’s projection, this rally will be enough to push DOGE above multiple resistance levels at $0.3, $0.4, and the recent multi-year high of $0.475.

If momentum builds and buying pressure increases, Dogecoin may even retest its all-time high of $0.7316, which has remained unchallenged since the peak of the 2021 bull run. 

Beyond these immediate targets, Tardigrade’s analysis suggests that the meme coin’s long-term trajectory could extend well beyond the $1 mark. The forecast envisions an even more aggressive rally that could see Dogecoin climbing as high as $4.1. At the time of writing, Dogecoin is trading at $0.247, up by 1.5% in the past 24 hours but down by 25% since the beginning of February.

Featured image from TheStreet, chart from TradingView



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