DOGE Bounces Back: Bullish Reversal Signals Emerge After Sharp Decline

Dogecoin (DOGE) has stabilized following a volatile 9.7% drop, with bulls defending key support levels. The cryptocurrency’s rebound from the $0.215 ’panic zone’ indicates renewed bullish sentiment. Technical analysis reveals a falling wedge formation, a classic bullish pattern, suggesting potential for an upside reversal. As of May 20, 2025, Doge shows signs of recovery, with traders eyeing higher targets if the current support holds.

Dogecoin Stabilizes After Volatile Drop as Bulls Reassert Control

Dogecoin has found firmer footing following a sharp 9.7% decline from $0.237 to $0.214, with buyers defending critical support levels. The meme cryptocurrency’s rebound from what traders term the ’panic zone’ around $0.215 signals renewed bullish conviction.

Technical patterns suggest potential for upside reversal, with DOGE forming a falling wedge formation—a classic bullish structure when breached upward. Price action currently oscillates between $0.212 and $0.225, creating tight reference levels for short-term traders.

Market observers note the Ichimoku cloud indicates equilibrium conditions, leaving the asset poised for its next directional move. All eyes remain on whether Dogecoin can sustain momentum above key resistance thresholds.

Dogecoin Tests Key Support Amid Market Pullback as Liquidations Surge

Dogecoin slumped 6.74% to $0.2168, breaching its 200-day moving average as long liquidations exceeded $12 million. The meme coin’s futures market shows mounting pressure, with open interest declining 12.53%—threatening to invalidate a developing inverted head-and-shoulders pattern.

Technical indicators suggest weakening momentum as DOGE struggles below the $0.2566 Fibonacci level. The descending resistance trendline from December 2024 continues to cap recovery attempts, reinforcing the broader downtrend narrative.

Analyst Predicts 174% Rally for Dogecoin Amid Market Volatility

Dogecoin (DOGE) faces short-term headwinds but retains strong bullish technicals, according to analyst Javon Marks. The meme cryptocurrency has retreated 12% this week to $0.21 after briefly touching $0.23 in mid-May, erasing part of its recent gains.

Marks maintains his April price target of $0.6533—a potential 174% upside—citing a confirmed breakout pattern and multi-year trend reversal. The forecast comes as DOGE shows resilience despite broader market pressures, with its 2024 low NEAR $0.12 now serving as key support.