- Dogecoin price is approaching the 200-day simple moving average (SMA) for the first time since June 22.
- DOGE head-and-shoulders neckline currently rests just below the 200-day SMA at $0.160.
- Meme token nears another oversold reading on the daily Relative Strength Index (RSI).
Dogecoin price rests at a critical inflection point with the May 19 low and May’s descending trend line pressing down, while the 200-day SMA tries to restrain the relentless selling pressure since June 29. As long as the trend line is insurmountable, DOGE will break below the strategically important moving average and will trigger the neckline of the head-and-shoulders pattern.
Dogecoin price has lost the trust of investors as it drifts lower
May’s descending trend line has impeded Dogecoin price strength since June 29, highlighted by the failure of DOGE to log one daily close above the trend line. The result has been completing the right shoulder of a complex head-and-shoulders pattern that originated in April.
The measured move of the head-and-shoulders formation is 82%, establishing a Dogecoin price target of $0.028. To provide perspective, a collapse of that size would smash the support inherent in the 200-day SMA, the June 22 low of $0.152, the April 23 low of $0.135, the 50-week SMA at $0.105 and the January 29 high of $0.100.
A decline of 82% from the neckline at $0.160 seems extreme even within the context of a cryptocurrency market under pressure. A more reasonable target for Dogecoin price is a test of the January 29 high of $0.100, equaling a 37% move from the current position of the neckline and 46% from the current price.
There is one problem with the remarkably bearish forecast. The daily RSI is already near an oversold reading, and the last time it did mark an oversold condition was on June 22. Moreover, since the beginning of 2019, the indicator has only dropped below 30 one other time before June, in March 2020.
DOGE/USD daily chart
If Dogecoin price can close above $0.210 on a daily basis, it would be the first confirmation that the slow drift below May's descending trend line has come to an end and position DOGE to explore the resistance framed by the confluence of the 50-day SMA at $0.280 with the June 29 high of $0.281. A rally to the 50-day SMA from the $0.210 trigger would yield a 30% gain for investors.
As a result of the building downside momentum and support and resistance levels crossing, Dogecoin price has reached an inflection point. How it resolves will likely have long-term ramifications for the DOGE story.
Here, FXStreet's analysts evaluate where DOGE could be heading next.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

Crypto Week survives scare as House members scramble to advance procedural motion in a 217–212 vote
House Republicans scrambled to win over holdouts on Wednesday to pass a procedural motion for several crypto bills by a vote of 217–212. The longest House vote in history, which lasted nearly ten hours, will see the GENIUS and CLARITY bills head to the floor for final passage deliberations on Thursday.

Chainlink stabilizes as Westpac and Imperium Markets adopt LINK in Project Acacia
Chainlink (LINK) price is stabilizing at around $16.47 on Thursday after rallying 5% so far this week. LINK announced on Thursday that major institutions, including Westpac Institutional Bank and Imperium Markets, will integrate Chainlink in Project Acacia, thereby boosting institutional use cases.

Top Crypto Gainers: Solana-based meme coins FLOKI, BONK post double-digit gains, CRV targets $1
Solana-based meme coins Floki (FLOKI) and Bonk (BONK) edged lower by 2% at press time on Thursday, following the 30% gains on Wednesday, ranking as top crypto gainers in the last 24 hours. Curve DAO (CRV) ranks third with a 21% surge following a triangle setup breakout, targeting the $1 psychological level.

TRX rises 3% as SRM Entertainment rebrands to Tron Inc
TRON (TRX) gained 3% on Wednesday following Nasdaq-listed SRM Entertainment's (SRM) announcement of its rebrand to Tron Inc. as part of its shift to a TRX treasury strategy.

Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.