TLDR:
- Dogecoin is testing a key resistance level around $0.18-$0.19 with analysts suggesting a potential 100% price increase if broken
- Technical patterns show similarities to previous bull runs in 2017 and 2021
- House of Doge launched an Official Dogecoin Reserve with a $1.8 million purchase of 10 million DOGE to improve transaction speeds
- Some analysts warn of a potential 30% crash due to a bear flag pattern that could push DOGE to $0.11
- Dogecoin ETF applications are under SEC review with Bloomberg analysts estimating a 75% approval chance by year-end
Dogecoin (DOGE), the popular meme cryptocurrency, is sending mixed signals to investors as it hovers near critical price levels. Technical analysts are divided on whether the cryptocurrency is poised for a significant breakout or preparing for a substantial decline.
The price of Dogecoin currently sits at $0.1847, having gained 5.69% in the past 24 hours. The cryptocurrency briefly touched $0.1887 on March 24, 2025, approaching what many analysts consider a key resistance level.
DOGE Price
Several technical analysts on social media platform X have identified the $0.18-$0.19 range as a crucial price zone. Breaking above this level could potentially trigger a strong upward movement, according to some experts.
The “World of Charts” account on X noted that Dogecoin is testing a downward trendline that has acted as resistance for several months. A breakthrough could lead to a price surge of up to 100%, potentially pushing DOGE toward $0.34.
$Doge #Doge Testing Crucial Multi Resistance Area, After Successful Breakout It Can Easily Give 2x. pic.twitter.com/2E5vuAgnRM
— World Of Charts (@WorldOfCharts1) March 24, 2025
Trading volume for the cryptocurrency has shown renewed interest, increasing by 123.45% to $1.58 billion over the past 24 hours. This surge in activity suggests growing investor interest in the eighth-largest cryptocurrency by market capitalization.
However, not all analysts share this optimistic outlook. Some point to a bear flag pattern forming on DOGE’s daily price chart, which could signal a potential 30% decline. This bearish scenario could see Dogecoin’s price fall to around $0.11.
Mixed Signals
The technical indicators show mixed signals. While price is testing resistance, the Relative Strength Index (RSI) has declined from 58.71 to 47.45, suggesting weakening buying pressure. A recent death cross between the 50-day and 200-day moving averages further supports the bearish case.
Fundamentals
TThe Dogecoin ecosystem is seeing progress on the fundamental side. The House of Doge, a division of the Dogecoin Foundation, recently announced the launch of an Official Dogecoin Reserve.
This initiative began with the purchase of 10 million Dogecoins, valued at approximately $1.8 million. The reserve aims to address one of cryptocurrency’s biggest challenges – transaction speed – making Dogecoin more practical for everyday payments.
Michael Galloro, a board member-elect at House of Doge, believes the reserve will enhance Dogecoin’s appeal as a payment method. The organization plans to introduce a simple payment button while reducing blockchain settlement times.
Unlike Bitcoin’s fixed supply, Dogecoin’s inflationary model makes it well-suited for daily transactions. House of Doge plans to implement cashback incentives and merchant partnerships to boost adoption for everyday payments.
Interest in Dogecoin extends beyond the private sector. According to Dogecoin Foundation director Timothy Stebbing, US government representatives have shown enthusiasm about using Dogecoin for everyday payments like city parking and utility bills.
Doge ETFs?
On the institutional front, three Dogecoin-related exchange-traded fund (ETF) applications are currently under review by the US Securities and Exchange Commission. Bloomberg analysts estimate a 75% chance of approval by the end of the year.
External factors may also be influencing Dogecoin’s price action. The cryptocurrency’s close association with Elon Musk and Tesla has historically tied its fortunes to these entities. Tesla’s recent stock performance, which has declined over 50% since late 2024, could be adding downward pressure on DOGE.
Market sentiment is also being affected by broader macroeconomic uncertainties, including the impact of President Donald Trump’s tariff policies. These factors may be contributing to the cautious trading behavior observed in recent days.
For now, Dogecoin remains at a crossroads. The cryptocurrency is consolidating in what some describe as a symmetrical triangle pattern, with a breakout in either direction possible in the coming weeks.
