DOGE Eyes $0.16 Mark as Chart Hints at Near-Term Bounce

⬤ Dogecoin held steady Tuesday as it continued carving out what looks like a rounded bottom on the daily chart. Technical analysts are zeroing in on the $0.16 area as the spot where things could get interesting. This zone has repeatedly triggered price reactions during past market swings, making it worth watching as a potential reversal point.

⬤ The chart reveals a wide bottoming pattern after a prolonged slide, with several bounce attempts marked along the lower channel showing DOGE’s struggle to find solid footing. The $0.16 region lines up with old horizontal resistance and sits just below a thick supply zone shaded in pink. As one analyst noted, “nothing really good” should be expected below $0.31, emphasizing the limited upside potential in the current range.

⬤ That supply area has capped rallies for months and overlaps with descending channel resistance, making it a double barrier for any meaningful upward move. While a push toward $0.16 might signal improving short-term conditions, the chart makes it clear there’s a much bigger obstacle waiting higher up around $0.31—the level where the technical picture actually starts looking promising.

⬤ This setup matters because it draws the battle lines for both quick trades and longer-term positions. Breaking decisively above $0.16 would validate early reversal signals and could flip short-term sentiment positive, but the heavy resistance overhead means any real trend change depends on DOGE climbing substantially higher to reclaim that $0.31 zone.