Market Data 
A notable TradingView analyst has warned Dogecoin holders, particularly the bears, to “be careful” as a potential bullish pattern forms.
Dogecoin (DOGE) has seen a substantial price drop over the past week, reflecting broader market concerns. The memecoin experienced a 6.7% decline from a weekly high near $0.20 to a low approaching $0.16.
Over a 24-hour period, the price further decreased by 4.0%, while the 30-day change stands at a more substantial 20% drop. Despite this decline, analysts are exploring potential signals for a market reversal, citing technical patterns that could point to a future price surge.
“Be Careful” with Dogecoin
Among the technical patterns drawing attention is the cup and handle formation, identified by analyst “Cobra Vanguard” on TradingView. The chart indicates a large, rounded bottom structure, which began in mid-2021 following DOGE’s peak. This rounded shape suggests long-term accumulation and a market recovery after a significant drop.
DOGE 1 month Price Charge
Notably, the cup bottom was around $0.04 in mid-2022. Meanwhile, the price has since improved to touch $0.47 in December 2024 before retracing, forming the handle.
Currently, the handle is showing signs of consolidation before an uptick. Additionally, the AB=CD harmonic pattern, another crucial technical element, mirrors the previous price rise, suggesting a potential target price of $0.88.
Essentially, the analyst is urging market participants not to be overly bearish about DOGE amid the current dip, as the price action could reverse, potentially catching short-sellers off guard.
Ascending Channel Provides Support
A separate analysis from Ali Martinez highlights Dogecoin’s price movement within a long-term ascending channel. The channel consists of three trend lines that represent the lower, mid, and upper boundaries. Notably, DOGE’s price has historically respected the lower trendline, bouncing off this dynamic support to move higher.
Currently, Dogecoin is testing this lower boundary, which suggests a potential upward reversal. If this support level holds, the price could regain momentum. According to Martinez’s analysis, the Fibonacci retracement levels offer a bullish target as high as $7.
Key Levels to Watch for Sustained Recovery
Another analyst, ‘readCrypto,’ has pointed out crucial price levels that Dogecoin must reclaim in order to sustain any recovery. The first critical level is $0.1895, a resistance point early this month.
After dropping below this level on March 9, DOGE recovered but fluctuated around it. A decisive move above this level would be essential for a sustained recovery.
