DOGE Eyes $0.20 Amid Bearish Pullback: Key Levels to Watch

Dogecoin (DOGE) is currently navigating bearish pressures, with a 5.75% drop in the past 24 hours bringing its price to $0.1912. Despite this downturn, the cryptocurrency briefly tested the $0.1945 resistance level, hinting at underlying buyer interest. A breakout above this resistance could pave the way for DOGE to challenge the psychologically significant $0.20 mark. However, failure to maintain current support levels might result in a deeper correction toward $0.16. As of June 1, 2025, DOGE is trading at 0.19176000 USDT, with market participants closely monitoring these pivotal price points for future direction.

DOGE Faces Bearish Pressure but $0.20 Target Remains in Sight

Dogecoin (DOGE) has dipped 5.75% in the past 24 hours, trading at $0.1912 amid increased bearish pressure. Despite the pullback, buyers briefly tested the $0.1945 resistance level, signaling latent demand.

A decisive breakout above $0.1945 could propel Doge toward the psychologically critical $0.20 threshold. Market participants remain watchful—failure to hold current levels may trigger a deeper correction toward $0.16 support.

The weekly chart shows no definitive reversal patterns yet. Today’s candle close will prove pivotal: a strong rejection of lower prices could fuel a short-term rally toward $0.20-$0.21, while weakness may extend the current downturn.

Dogecoin Technical Analysis Points to Potential Rally Amid Market Correction

Dogecoin’s price trajectory is under scrutiny as crypto analyst Jmorg identifies bullish signals in its technical structure. The meme coin, currently trading below the psychological $0.20 level, shows accelerating momentum on the weekly Money Flow Index (MFI) and tightening Bollinger Bands—a historical precursor to volatility spikes.

Jmorg’s Cup-and-Handle pattern analysis suggests a $1 target, while a rectangle breakout measured MOVE indicates $0.95. Fibonacci retracement levels imply a probable retest of Dogecoin’s all-time high at $0.73 before potential continuation toward $1.20. The coin’s history of 8,000% and 2,000% rallies lends credence to the bullish case.

312 Million Dogecoin Moved To Coinbase – What’s Going On?

Dogecoin’s price action over the past 48 hours has seen it breach the $0.20 support level, marking a significant downturn after a week of failed attempts to hold above $0.22. The breakdown triggered a cascade of sell-offs, exacerbating the bearish momentum.

On-chain data reveals a startling development: 312 million DOGE, valued at over $60 million, was transferred to Coinbase in three sequential transactions. Whale Alert tracked the movement of 104,125,016 DOGE per transaction from unidentified wallets, sparking speculation about potential large-scale liquidation or strategic repositioning.

The timing of these transfers aligns with Dogecoin’s technical breakdown, suggesting institutional players or whales may be accelerating the sell pressure. Market sentiment now hinges on whether this inflow represents a distribution phase or preparatory moves for derivative market activity.