Dogecoin has spent the last few days caught in a sharp decline that has sent it down. The meme coin has struggled to break above $0.19, falling between $0.17 and $0.18 in what could be described as another consolidation phase.
This move follows a series of attempts to recover losses in October, which failed with a rejection of $0.205. The current chart setup has attracted the interest of traders who believe a major recovery move is approaching. A technical analysis posted on social media platform X highlights what could happen once this slow period of decline ends.
Dogecoin holds firm in tight range
Technical Analysis shows that Dogecoin price action. has been fluctuating within a narrow corridor for weeks, forming a horizontal support zone between $0.17 and $0.19. Each time the price tested the lower boundary, buyers managed to absorb the selling pressure to prevent a deeper correction. This price action shows accumulation behavior where investors silently build positions when bullish momentum is missing. The same pattern appeared in late September and early October, when Dogecoin consolidated before briefly skyrocketing to $0.26.
The chart below shows that Dogecoin has been consolidating since October 10, with several short-lived recovery attempts during this period, but each of them stalled below the resistance range. The last week of October was characterized by a further drop in Dogeocin price ending at $0.17 before gaining some strength to $0.18.
Analysts always interpret these moves as signs that buyers are gradually regaining control. The repeated defense of the $0.17 area has become a psychological level that traders are watching closely. If the support continues to hold, it means that Dogecoin is preparing for another bounce at this level. Some buyers are already positioning themselves early for that outcome. As crypto analyst BitGuru noted on X, “buyers are showing signs of stepping in again.”
Possible short-term bullish targets above $0.22
If Dogecoin manages to break out of this consolidation zone, the analysis projects a potential rally above $0.20 and into the mid-$0.20 range. This projection, although short-term, aligns with the rally witnessed by Dogecoin in early October.
The scenario is for Dogecoin to break above $0.2 in a quick move and return to its early October level. The price target in this case is around $0.27, and Dogecoin could break higher from here to test the psychological resistance at $0.3.
The most important factors for such a move would be a bullish bounce around $0.17 and a confirmed daily close above $0.20, accompanied by an increase in trading volume. At the time of writing, Dogecoin is trading at $0.1735 and looks like it is about to retest the $0.17 support.
