Dogecoin price prediction following the 11% drop in a week

Dogecoin is currently trading in a falling wedge, eyeing a breakout above $0.219. A close above $0.22378 could signal a bullish trend reversal. On-chain activity is rising, boosting the long-term bullish outlook. Dogecoin (DOGE) has experienced notable turbulence over the past week, with the popular meme coin shedding more than 11% of its value amid […] The post Dogecoin price prediction following the 11% drop in a week appeared first on CoinJournal.

May 19, 2025 - 17:40

Dogecoin price prediction following the 11% drop in a week

Dogecoin is currently trading in a falling wedge, eyeing a breakout above $0.219.
A close above $0.22378 could signal a bullish trend reversal.
On-chain activity is rising, boosting the long-term bullish outlook.

Dogecoin (DOGE) has experienced notable turbulence over the past week, with the popular meme coin shedding more than 11% of its value amid wider market volatility.

Although short-term losses have sparked concern among retail traders, technical analysts, and blockchain activity suggest that DOGE may be positioning itself for a much larger move.

DOGE price analysis

Over the past few days, Dogecoin has slipped from a local high of $0.25 to hover around the $0.2161 mark, reflecting a strong pullback after a sustained rally earlier this month.

Despite the apparent weakness, this decline has not invalidated the broader bullish structure that analysts have been tracking over recent months.

On the four-hour chart, DOGE is currently trading within a defined falling wedge pattern, which is widely regarded as a bullish formation when confirmed with a breakout.

Highlighting this setup, an analyst on X has noted that Dogecoin’s price has compressed between descending resistance near $0.219 and support just above $0.212, forming a tightening range.

4h $DOGE FW pic.twitter.com/aBCf1y5jaO
— #333kByJuly2025 (@CarpeNoctom) May 17, 2025

The analyst’s chart also points to Ichimoku Cloud metrics that show the price hovering within the equilibrium zone, suggesting that the current pause may precede a larger directional move.

The high-confluence support zone between $0.212 and $0.214, bolstered by the Ichimoku Span B, has already prompted intraday rebounds, hinting at strong buyer interest near that level.

Meanwhile, resistance at the upper wedge boundary coincides with the Kijun-sen (baseline) around $0.225, creating a well-defined ceiling that needs to be breached for bullish momentum to resume.

Dogecoin price outlook

If Dogecoin manages a decisive four-hour candle close above $0.219, Ali Martinez believes that the coin could quickly target the previous supply zone between $0.24 and $0.26.

This is a major area of resistance for #Dogecoin $DOGE. A breakout here could spark a new bull run!
Don't wait for the breakout; instead, prepare for it! Go to @coinexcom, sign up using my referral link https://t.co/73n8mW9Y5p, and join me in this trade. pic.twitter.com/yh52WFBHQt
— Ali (@ali_charts) May 15, 2025

However, a breakdown below the $0.205 support level would likely open the door to steeper declines, potentially revisiting the April pivot low near $0.185.

From a medium-term perspective, Dogecoin’s weekly chart paints a more optimistic picture, especially as the token recently closed above the Bull Market Support Band.

This band, defined by the 20-week simple moving average and a two-sigma envelope, has acted as a major barrier since early February, with recent price action flipping it into provisional support.

Analyst Cantonese Cat has emphasised the significance of this breakout, arguing that a second consecutive weekly close above $0.22378 would confirm a broader trend reversal.

Despite the pullback from $0.25, the midline of the Bollinger Bands, which overlaps with the Bull Market Support Band, remains the primary pivot point for sustained bullish follow-through.

Adding further weight to this outlook, long-term chart patterns suggest Dogecoin has already completed a breakout above a multi-year descending resistance in late 2023.

According to analyst Javon Marks, this structural change, marked by higher highs and higher lows, confirms a bullish reversal from the extended bear market that began after its 2021 peak.

$DOGE and a +174% climb to its first target at $0.6533 continues to be in the cards