Dogecoin Falls from $0.22 to $0.18 – Is This the Last Pullback Before a Reversal or More Downside?

Will Dogecoin (DOGE) rebound, or will bear pressure push prices down? Dogecoin’s recent price surged to a high of $0.22 before it hit strong resistance and tumbled to $0.18, showing extreme volatility. The Dogecoin’s recent price action is uncertain—whether this decline is a shakeout leading to a rebound or a continuation of the downtrend, only time will tell. This analysis will examine the significant Dogecoin support and resistance levels to determine if it is forming a bullish reversal or if selling pressure will be able to continue to drive the price lower. Will the buyers prevail, or will the sellers?

Analyzed by Meghana published on TradingView on March 1

Dogecoin Price Analysis from 23rd Feb 2025 to 28th Feb 2025

On 23rd February at 12:00 UTC, Dogecoin was near $0.22 and was attempting to hold an upward trend. This strong resistance in the region stopped a breakout that was attempted by the price and led to pulling back. It initiated a negative trend since no buying forces supported the price. By 24 February at 14:30 UTC, DOGE had fallen to below $0.21, confirming a downtrend channel setup. Various attempts to pull back failed, affirming the bearish structure. By 22:45 UTC, the price had fallen to $0.205, a lower high indicating further decline.

On 25th February at 10:50 UTC, DOGE dropped below $0.20, a psychological support price. The price bounced back to about $0.195, but the resistance at this price prevented any significant bounce back. At 17:15 UTC, another breakdown occurred, and there was a low of $0.192 before some consolidation. By 26 February at 09:20 UTC, the price had fallen to $0.19 again, which became a temporary support level. Increased trading volume indicated accumulation, but purchasing power was weak. DOGE breakout attempts above $0.195 were unsuccessful, with rejections seen at 14:00 UTC. The price remained in the $0.19–$0.195 range for most of the day.

At 07:45 UTC on 27th February, DOGE attempted to break out above $0.20, briefly reaching $0.21 at 12:30 UTC. The DOGE breakout attempt was in vain, with the price reverting to $0.198 at 17:00 UTC, confirming persistent selling pressure. Then, on 28th February at 05:50 UTC, DOGE attempted a second breakout to $0.205 but was given harsh rejection. Until 15:20 UTC, the price plunged to $0.18, its week-low level. This legitimized the bearish momentum since the sellers enjoyed market dominance.

Dogecoin Price Analysis for 1st March 2025

On March 1st, at 01:15 UTC, Dogecoin showed the first signs of a bullish recovery, attempting to break up above $0.19. At 07:30 UTC, DOGE reached $0.195, showing the first signs of buying power.  The RSI stands at approximately 50, marking neutral momentum, while the MACD presents a bullish crossover and implies potential for an uptrend.

The price breached $0.20 for the first time in two days at a breakout point at 12:20 UTC. By 14:45 UTC, however, the momentum had reduced, and DOGE couldn’t sustain this level. A rejection at $0.205 near 16:30 UTC signaled that sellers still dominated.

If DOGE can hold above $0.20, it could challenge resistance at $0.22. Failure to hold here may result in a pullback to $0.18, with further potential downside.

Conclusion

Dogecoin’s recent price recognizes strong resistance and continued selling pressure, which prevents a clean break. The recent failure at $0.22 and the subsequent decline to $0.18 reflect that the sellers are dominant, which places the market in a bearish configuration. However, technical signs such as attempts at breakout and increasing volume reflect that the buyers are trying to regain momentum.

For DOGE to validate a bullish breakout, it has to remain above the $0.20 resistance point and gain traction toward $0.22. If it does not maintain this level, there will be a retest of $0.18 support with a chance for more declifcase the level does not hold.

Under the current market conditions, traders only need to wait for a confirmed breakout before making substantial trading decisions. Dogecoin is still within a tight trading range, with $0.18 as support and $0.22 as resistance. It is waiting for the direction to identify the next trend.