Date: Mon, Sept 22, 2025 | 02:40 PM GMT
The cryptocurrency market is experiencing heavy selling pressure, with over $1.70 billion in liquidations recorded in the past 24 hours. Ethereum (ETH) has dropped more than 6%, sliding to the $4,200 level, while the total crypto market cap has shed nearly 3.7%. Unsurprisingly, major memecoins are also feeling the heat — including Dogecoin (DOGE).
DOGE has declined by nearly 9% today. However, the charts are flashing a key technical signal that could determine its next major move.
Rising Wedge in Play
On the daily chart, DOGE has been consolidating inside a rising wedge pattern, a structure that often signals a bearish reversal or continuation, as prices form higher highs and higher lows within tightening boundaries.
The rejection from the ascending resistance trendline near $0.3068 triggered the latest wave of selling, pushing DOGE down to the wedge’s lower boundary around $0.2304. Interestingly, this level also aligns with the 50-day moving average, strengthening its role as a key support zone.
What’s Next for DOGE?
Currently, DOGE is trading around $0.2413, where bulls are attempting to defend the wedge’s support line. If this level holds, a rebound could lift DOGE back toward its upper resistance near $0.3248, potentially fueling a broader memecoin recovery.
However, if DOGE decisively breaks below the $0.23 support zone, it would confirm a bearish wedge breakdown. This could pave the way for deeper losses, extending the pain across the memecoins.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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