Dogecoin Price Analysis: DOGE Price Must Hold a Support Level Around $0.05 to Avoid Sell-Off

The king of meme coins and the second largest proof-of-work (PoW) blockchain network, Dogecoin (DOGE), is facing a test of time on the macro outlook. With its godfather Elon Musk already fighting against an accusation of Dogecoin price manipulation in court, the underlying value is fast approaching critical support levels. Moreover, the Dogecoin price is back to the same level Musk announced the acquisition of Twitter, which yielded a 100 percent spike.

DOGE Price

According to a popular crypto analyst on Twitter @CryptoTony_, Dogecoin price has respected a macro descending triangle and is currently retesting the base support level. Although Musk once promised to shield Dogecoin from whale sell-off, Crypto Tony warned traders of possible flush down if the base support level gives in. In this regard, the Dogecoin price could face a steep decline toward $0.019.

Nevertheless, a rebound from the base support level could push back the Dogecoin price to retest the upper resistance level. As Dogecoin’s macro volatility declines with the descending triangle, it is expected a breakout on either side will result in huge movements.

According to a popular crypto trader on Twitter Woetoe (@cryptowoetoe), Dogecoin could be trapped in an accumulation zone after its first takeout rally. As a result, the analyst is convinced Dogecoin price will trade above $1 in 2026.

In this regard, Dogecoin will have a market capitalization of more than $150 billion, which is possible with its position as the top meme coin.