Dogecoin Price has returned to the spotlight following a turbulent week in the crypto market, with the meme coin facing renewed pressure. In the past 24 hours, it slipped by 1.52% to trade near $0.2275, maintaining a market capitalization of $34.38 billion and a substantial trading volume of $4.01 billion, indicating active participation despite the dip. However, the broader picture looks more concerning, as DOGE has declined 16.25% over the past week, retreating from highs of $0.271.
Analyst Ali Highlights Crucial Support Level for Dogecoin
According to Analyst Ali, $0.22 is the make-or-break support level for Dogecoin. If the coin manages to hold this threshold, the price could rebound inside an ascending triangle structure. Ali projects consolidation between $0.24 and $0.26 before a potential move higher.
The bullish target in this setup is $0.29, nearly 30% above current levels. Holding above $0.22 preserves the bullish structure, but any breakdown below that level may expose DOGE to retracements toward $0.20 or lower.
Ali’s analysis highlights a pivotal scenario. Either Dogecoin strengthens above support and eyes higher targets, or weakness accelerates the downward slide.
Whale Activity and ETF Listing Add Weight
Market activity among large holders has fueled speculation. In just 48 hours, whales accumulated $2 billion in DOGE, according to recent data. Wallets holding between 100 million and one billion DOGE have steadily increased their balances in recent months. These sharp whale movements often precede price recoveries and reflect growing confidence among big investors.
Adding to the narrative, Dogecoin gained institutional recognition with a new exchange-traded product. The 21Shares Dogecoin ETF was recently listed on the Depository Trust and Clearing Corporation (DTCC) platform. This listing marks another step toward mainstream adoption and could improve visibility among traditional investors.
CryptoTony Warns of Ongoing Dogecoin Correction
While Ali points to a possible rebound, analyst CryptoTony__ warns of continued correction. Using Elliott Wave analysis, he projects one final leg lower in the current decline. The chart suggests DOGE could test $0.21 before bottoming out.
If support at $0.21 holds, CryptoTony__ expects a reversal and a push back toward $0.24–$0.26. This outlook mirrors the importance of the support zone, with both analysts recognizing its decisive role.
Outlook
Dogecoin is at one of the crossroads in deciding between the bearish trend and the opportunity to recover. Although down by 16% weekly, high investment and accumulation by whales to the point of underlying support, and the new 21Shares ETF listing should bring institutional credibility.
Analyst Ali points out that possession of the most crucial support zone may open the way to recovery to even higher levels, whereas CryptoTony__ expects yet another corrective leg before the situation stabilizes. Their opinions combined demonstrate the crucial impact of the existing support on the short-term direction of Dogecoin.
