Dogecoin has been locked in a severe decline for the past few days and has fallen even further. Memecoin has struggled to break above $0.19 and has been sliding between $0.17 and $0.18, another consolidation stage.
The move follows a series of attempts to recoup losses that were rejected at $0.205 in October. The current chart setup has generated interest among traders who believe that a major upward move is on the horizon. Technical analysis posted on social media platform X highlights what will happen after this period of gradual decline ends.
Dogecoin maintains its ground within a narrow range
According to technical analysis, the price trend of Dogecoin has been fluctuating within a narrow corridor for several weeks, forming a horizontal support zone between $0.17 and $0.19. Every time the price tested the floor, buyers managed to absorb the selling pressure to prevent further correction. This price action is indicative of accumulation behavior where investors quietly build positions when there is no bullish momentum. The same pattern was seen in late September and early October before Dogecoin briefly surged to $0.26.
The chart below shows Dogecoin's price consolidation since October 10th, with several short-term recovery attempts during this period, all of which stalled below the resistance range. The last week of October saw an even bigger breakdown in dogeosin prices, closing at $0.17 before gaining a bit of momentum and rising to $0.18.
Analysts consistently interpret such moves as a sign that buyers are gradually regaining control. The repeated defense of the $0.17 area has become a psychological level that traders will closely monitor. If the support continues to hold, it means Dogecoin is preparing for a further rebound at this level. Some buyers are already taking early positions for that outcome. As crypto analyst BitGuru noted on X, “buyers are showing signs of stepping in again.”
Short-term target could exceed $0.22
If Dogecoin can break out of this consolidation zone, our analysis predicts that it could rise above $0.20 and into the mid-$0.20 range. Although this prediction is short-term, it is consistent with the rally Dogecoin witnessed in early October.
The scenario is for Dogecoin to break through $0.2 in a quick move and return to early October levels. The target price in this case is around $0.27, and Dogecoin could break further from here to test the psychological resistance of $0.3.
The most important factors for such a move would be a strong rally around $0.17 and confirmation of a daily close above $0.20, accompanied by increased trading volume. As of this writing, Dogecoin is trading at $0.1735 and appears to be about to retest the $0.17 support.
