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A notable market analyst has identified two crucial levels that Dogecoin must flip to support before it can sustain its recovery push.
Dogecoin (DOGE) has been a victim of the broader crypto market’s turbulence over the past two months. However, even in January 2025, when the rest of the market displayed bullish tendencies, DOGE witnessed unique struggles, managing to secure gains of only 4.08% that month.
With its 38.63% slump in February and a subsequent 12.75% drop this month, March, Dogecoin is now down 44.25% year-to-date. The meme coin appears on track to record its largest quarterly loss since Q2 2022, when it crashed 52% as a result of the contagion from the Terra implosion.
While multiple analysts expect a recovery to take shape soon, one market watcher has recently identified regions the asset must conquer before this rebound can come into full effect. Market analyst ‘readCrypto’ took to TradingView to discuss Dogecoin’s ability to rebound from the recent lows.
Key Levels Dogecoin Must Flip to Support
According to the analysis, the “key” lies on whether Dogecoin will be able to flip the $0.1895 level into support. For context, this region served as a major resistance level for the meme coin from March 10 to 23. The bears mounted this roadblock after DOGE dropped below the $0.1895 mark on March 9.
During his analysis, Dogecoin had already recovered above $0.1895, but continued to fluctuate around this level. ‘readCrypto’ suggested that a decisive recovery would mean conquering this level and confidently turning it into support for when the recent momentum fades.
According to the analyst, should this occur and Dogecoin spikes above $0.1895, the second requirement for a sustained recovery is if it can soar above the weekly M-Signal indicator. He confirmed that this indicator aligns with the $0.21409 price level.
Earlier, The Crypto Basic stressed that Dogecoin’s most potent resistance during the recent recovery push was at the $0.20 psychological region, citing data from Glassnode’s UTXO Realized Price Distribution (URPD). This aligns closely with the $0.21 mark identified by ‘readCrypto.’
Notably, the analyst argued that if Dogecoin failed to capture the $0.1895 and $0.2140, it would face a pronounced downtrend, especially when the recent momentum dies down. Interestingly, this bearish projection has materialized at press time.
DOGE Requires Renewed Momentum
For context, the broader market’s rebound campaign recently faded, and DOGE has since observed a 9.55% collapse to trade at $0.1764. The meme coin now needs to capitalize on any subsequent market rebound to surpass and flip $0.1895 and $0.2140 into support to have a chance at maintaining its recovery effort.
Once a successful recovery occurs, analysts have presented multiple ambitious targets. For instance, Trader Tardigrade suggested DOGE could hit $8, citing findings from his “Doge Circle” analysis. Further, analyst Kamran Asghar believes Dogecoin could reach $6 due to historical performance.