Dogecoin fell to $0.238 after a pointy sell-off that erased positive factors and pushed volatility increased. According to market feeds, the coin misplaced 9.5% up to now 24 hours and about 8% over the week, with a sudden spike in exercise that merchants say caught many off guard.
Double Top Triggers: Cause For Concern?
According to analyst Merlijn The Trader, worth motion confirmed two failed makes an attempt to push increased 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. Target sits at $0.238.
Don’t confuse noise with sign.
The chart is already telling the reality. pic.twitter.com/GJ32G2kniw
— Merlijn The Trader (@MerlijnTrader) September 21, 2025
Retest Keeps Bull Case Alive
Other analysts have a special learn, mentioning a accomplished retest of an extended operating 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 may push towards $0.30, with additional upside doable to $0.32–$0.35 — ranges the token traded at earlier this yr.
On-Chain Data And Market Activity
Reports have disclosed on-chain measures that add context to the worth swings. Market Value to Realized Value, or MVRV, has climbed however continues to be under the highs seen in prior tops, some extent raised by some analysts. DOGE has traded principally between $0.20 and $0.25 since 2023, which some see as a gradual base reasonably than a blow-off high.
Trading 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 Talk Fuels Price Targets
ETF chatter stays a part of the combo. Based on market commentary from Ali Martinez, regaining the $0.27–$0.28 band may spark a fast push towards $0.45, with interim targets at $0.39.
Martinez factors to the transient breakout above $0.27 as a bullish sign, even when it didn’t maintain for lengthy. For many merchants, ETF expectations are the catalyst that will flip near-term weak point into renewed rallies.
Featured picture from Unsplash, chart from TradingView
