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TL;DR<\/strong><\/p>\n Dogecoin (DOGE) is trading at $0.24 after dropping 11% in the past 24 hours and 10% over the week. The decline follows a pattern flagged by analyst Merlijn The Trader, who said,<\/p>\n $DOGE<\/a> IS FLASHING A TEXTBOOK DOUBLE TOP.<\/p>\n Bearish retest locked. Target sits at $0.238.<\/p>\n Don\u2019t confuse noise with signal.<\/p>\n The chart is already telling the truth. pic.twitter.com\/GJ32G2kniw<\/a><\/p>\n \u2014 Merlijn The Trader (@MerlijnTrader) September 21, 2025<\/a><\/p>\n<\/blockquote>\n Notably, the setup formed as DOGE failed twice to break higher, before sliding under the neckline near $0.27. A brief bounce back to that level was rejected, confirming the breakdown. Based on the measured move, the projected downside sits at $0.238, now reached by the price.<\/p>\n Resistance remains at $0.27, while a close above $0.28 would challenge the bearish case. As long as the price stays under the neckline, the chart points to weakness.<\/p>\n Analyst Trader Tardigrade pointed<\/a> to a completed retest of a descending trendline that capped the price for months. The breakout above the line was followed by a pullback to $0.24\u2013$0.25, where support held.<\/p>\n Meanwhile, this level is now seen as a base. If DOGE remains above it, momentum could build toward $0.30. A move through that resistance would leave room for targets between $0.32 and $0.35, levels tested earlier in the year.<\/p>\n In addition, Trader Tardigrade also shared an Ichimoku update. They noted<\/a>,<\/p>\n \u201cNo bearish Ichimoku signals; status remains bullish.\u201d<\/p>\n<\/blockquote>\n DOGE trades above both the Kumo cloud and the Kijun-sen line, with support at $0.24770 and deeper support between $0.21517 and $0.22214.<\/p>\n All major indicators maintain an upward bias. The cloud is green, price action holds above the Kijun-sen, and the Chikou span is above the price. These keep the short-, mid-, and long-term trends aligned and heading in a bullish direction.<\/p>\n On-chain data adds another angle. The Market Value to Realized Value (MVRV) ratio is climbing but remains far from the overheated levels of past peaks. Analyst Cryptollica said,<\/p>\n ITS NOT OVER $DOGE<\/a><\/p>\n MVRV Ratio<\/p>\n Target 1: 1.20$ pic.twitter.com\/a3NIGbKrIp<\/a><\/p>\n \u2014 Cryptollica\u26a1\ufe0f (@Cryptollica) September 21, 2025<\/a><\/p>\n<\/blockquote>\n DOGE has been moving between $0.20 and $0.25 since 2023, building a steady base. With MVRV still below historic extremes, the data suggests the asset may still be in a mid-phase of its cycle.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n <\/p><\/div>\n\n
Double Top Formation Raises Bearish Concerns<\/h2>\n
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Trendline Retest Offers Counterpoint<\/h2>\n
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MVRV Suggests Room for Growth<\/h2>\n
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\nBinance Free $600 (CryptoPotato Exclusive): Use this link<\/a> to register a new account and receive $600 exclusive welcome offer on Binance<\/b> (full details<\/a>).<\/p>\n
![<\/a>Source: Trader Tardigrade\/X<\/figcaption><\/figure>\nIn addition, Trader Tardigrade also shared an Ichimoku update. They noted<\/a>,<\/p>\n\n\u201cNo bearish Ichimoku signals; status remains bullish.\u201d<\/p>\n<\/blockquote>\nDOGE trades above both the Kumo cloud and the Kijun-sen line, with support at $0.24770 and deeper support between $0.21517 and $0.22214.<\/p>\nAll major indicators maintain an upward bias. The cloud is green, price action holds above the Kijun-sen, and the Chikou span is above the price. These keep the short-, mid-, and long-term trends aligned and heading in a bullish direction.<\/p>\nMVRV Suggests Room for Growth<\/h2>\nOn-chain data adds another angle. The Market Value to Realized Value (MVRV) ratio is climbing but remains far from the overheated levels of past peaks. Analyst Cryptollica said,<\/p>\n\nITS NOT OVER $DOGE<\/a><\/p>\nMVRV Ratio<\/p>\nTarget 1: 1.20$ pic.twitter.com\/a3NIGbKrIp<\/a><\/p>\n\u2014 Cryptollica\u26a1\ufe0f (@Cryptollica) September 21, 2025<\/a><\/p>\n<\/blockquote>\nDOGE has been moving between $0.20 and $0.25 since 2023, building a steady base. With MVRV still below historic extremes, the data suggests the asset may still be in a mid-phase of its cycle.<\/p>\n\nSPECIAL OFFER (Sponsored)<\/span><\/center>\nBinance Free $600 (CryptoPotato Exclusive): Use this link<\/a> to register a new account and receive $600 exclusive welcome offer on Binance<\/b> (full details<\/a>).<\/p>\nLIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n<\/p><\/div>\n](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/09\/G1b4ByJasAAoDz4.jpeg\"){kind=link}