The price of Dogecoin in the important buying zone: Here's what to expect from the price of DOGE.

Dogecoin continues to attract the attention of investors as it holds above the long term upward trend line that has been active since the beginning of 2023. After falling to a 7-day low of $0.1643, DOGE has made a strong recovery. That move indicates that buyers are starting to step in near a key support level. Analysts point out that the $0.165-$0.200 area is an important accumulation zone, reinforced by technical confluence, market activity, and increasing buy positions. The price of Dogecoin rebounded from the support trend line near $0.14 The price of Dogecoin has maintained a stable upward trend supported by the trend line, starting from the beginning of 2023. This trend line has recently aligned with the Fibonacci retracement level of 0.5 near $0.165. The convergence of these two technical indicators has increased buying pressure around that area. This has led to a short-term price recovery. Ali Martinez, a technical analyst on data X, stated that DOGE has respected this trend line since October 2024. He noted, "A fall to $0.14 could present a buying opportunity if this trend line continues to be held." According to weekly candle analysis, the price has bounced back several times from this area. This means that traders are viewing this area as a potential long term entry point.

At the time of writing, the price of Dogecoin is nearly $0.20, showing a 12% increase from the week's low. This signals a short-term bullish reversal. The recovery also confirms the relevance of the trend line, as each pullback leads to new upward momentum. The Fibonacci level of 0.5 at $0.165 still serves as the technical pivot point. Falling Wedge Breakout signals bullish momentum for DOGE On the 4-hour chart, Dogecoin has recently fully confirmed the breakout from the descending wedge pattern. This pattern was formed after a series of consecutively lower highs accompanied by lower lows over a two-week period. According to TradingView data, a breakout has been confirmed after the four-hour candle closed above the upper trendline of the wedge. After the breakout, the price of DOGE rose to $0.1810 and continued to push up to the Fibonacci level of 78.6% at $0.1860. Analysts predict that the price will move towards the level of $0.2042–$0.2061 based on the wedge model calculation if that level can be broken. The target is estimated by measuring the height of the wedge and adding it to the breakout level, which is $0.300.

Market sentiment also follows this bullish breakout pattern. As highlighted by CoinGlass data, open interest in DOGE futures has increased by 7.19% in one day, reaching $1.81 billion. Moreover, 67.84% of traders on Binance are long term traders. The funding rate has returned to 0.0051% to signal that traders are optimistic and willing to pay to hold their positions. Data on open interest and liquidation increases reflects strong market activity. From May 5th to May 7th, the price of Dogecoin fell, leading to a slight liquidation of long positions. According to CoinGlass, these liquidations occurred when the price dropped to the support level of $0.164. However, on May 8, the price rose above $0.18. In addition, there was a large short liquidation worth $3.71 million. The next target for the price movement of DOGE could be the support level of $0.300, corresponding to 78.6% of the Fibonacci retracement level. However, if the buyers can break through this level, the next resistance will be in the range of $0.2042 to $0.2061. These levels correspond to the price targets on the micro and small charts of the descending wedge pattern.

The support levels are still clearly defined. The $0.1729 and $0.1642 areas have recently acted as the floor price. Trading activity also indicates strong interest from buyers in these support regions. If the price of Dogecoin falls below $0.1642, the next retracement level could be towards the Fibonacci 0.382 level at $0.1283.