Dogecoin Faces Heavy Selling Pressure but Technical Setup Hints at Possible $1 Surge

Dogecoin has experienced a significant price drop, raising concerns about further losses. Technical analysis reveals a potential "death cross" formation and a bearish flag pattern, signaling possible downside risks. The recent DOGE ETF launch showed weak institutional interest and a high expense ratio, adding to the pressure. Despite the bearish outlook, Dogecoin exhibits a long-term ascending channel pattern suggesting a possible reversal if key support holds. Momentum indicators show weakening buying strength, but the Stochastic RSI is at historically low levels, similar to pre-rally conditions. A breakout above the $0.21 resistance level with increased volume is crucial for a potential rebound. Analysts suggest that holding support around $0.19 and breaking above $0.30 could pave the way towards a $0.50 to $1 target. Short-term, the price is likely to move sideways or downwards without renewed buying momentum. Traders should monitor for a higher-timeframe close above $0.30 and intra-day volume spikes. The future price movement hinges on a confirmed reversal and a shift in market sentiment.