Dogecoin fell to $0.238 after a pointy sell-off that erased beneficial properties and pushed volatility greater. In line with market feeds, the coin misplaced 9.5% prior to now 24 hours and about 8% over the week, with a sudden spike in exercise that merchants say caught many off guard.
Double High Triggers: Trigger For Concern?
In line with analyst Merlijn The Dealer, worth motion confirmed two failed makes an attempt to push greater earlier than sliding beneath a neckline close to $0.27. That setup produced a measured transfer goal round $0.238 — a degree the market reached.
Resistance sits at $0.27, and a every day shut above $0.28 would weaken the bearish case. For now, merchants watching the sample see the chart as favoring draw back whereas the worth stays beneath the neckline.
$DOGE IS FLASHING A TEXTBOOK DOUBLE TOP.
Bearish retest locked. Goal sits at $0.238.
Don’t confuse noise with sign.
The chart is already telling the reality. pic.twitter.com/GJ32G2kniw
— Merlijn The Dealer (@MerlijnTrader) September 21, 2025
Retest Retains Bull Case Alive
Different analysts have a unique learn, mentioning a accomplished retest of an extended working descending trendline that had capped rallies for months. The breakout above that line was adopted by a pullback right into a $0.24–$0.25 zone the place assist confirmed up.
If the memecoin holds above that base, momentum might push towards $0.30, with additional upside attainable to $0.32–$0.35 — ranges the token traded at earlier this yr.
On-Chain Information And Market Exercise
Stories have disclosed on-chain measures that add context to the worth swings. Market Worth to Realized Worth, or MVRV, has climbed however continues to be beneath the highs seen in prior tops, a degree raised by some analysts. DOGE has traded largely between $0.20 and $0.25 since 2023, which some see as a gradual base fairly than a blow-off high.
Buying and selling numbers underline the warmth. Market cap sits close to $36 billion whereas 24-hour quantity surged to about $4.7 billion — up 180%. Circulating provide is regular at 151.04 billion DOGE, and the volume-to-market-cap ratio sits at 13.04%, an indication of unusually aggressive exercise from each giant holders and retail merchants.
ETF Speak Fuels Worth Targets
ETF chatter stays a part of the combination. Primarily based on market commentary from Ali Martinez, regaining the $0.27–$0.28 band might spark a fast push towards $0.45, with interim targets at $0.39.
Martinez factors to the temporary breakout above $0.27 as a bullish sign, even when it didn’t maintain for lengthy. For a lot of merchants, ETF expectations are the catalyst that may flip near-term weak spot into renewed rallies.
Featured picture from Unsplash, chart from TradingView
