Dogecoin is hovering near critical support around $0.120 as a symmetrical triangle forms on shorter timeframes, suggesting a potential 15% move depending on breakout direction. The memecoin slid 4.2% on Friday to about $0.126 amid broader market volatility, having fallen more than 50% from early October highs and trading within a $0.120-$0.135 range. The largest memecoin by market capitalization now tests the $0.120 support zone.
Analysts cautioned that the correction could extend, with one noting that Dogecoin is “still a falling knife” and that there is no evidence that wave B has bottomed, hinting at a possible decline toward $0.096 and $0.08. Others highlighted a lack of buy pressure and warned that under the current downtrend another move toward the $0.100-$0.095 lower support appears plausible. Trader Tardigrade observed Dogecoin completed the target of its previous symmetrical triangle after breaking down earlier this month and noted a new symmetrical triangle on the four-hour chart that could resolve in a 15% move in either direction.
Friday’s move pushed DOGE below the pattern’s lower boundary near $0.123, signaling a potential drop toward $0.10-$0.11 if it fails to bounce. Market watchers noted Dogecoin sits in a major demand zone between $0.120-$0.130; a reclaim of late November levels could spark a rally toward $0.18. If the price fails to hold current levels, the pattern suggests continued consolidation.
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