
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dog-themed cryptocurrency Dogecoin (DOGE) has found itself at a make-or-break juncture that could determine its next major move.
According to crypto analyst Ali, the popular dog coin is at a make-or-break level with two potential price scenarios in play. "Dogecoin DOGE is at a make-or-break level. If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely," Ali stated in a tweet.
Ali points out that if Dogecoin can hold the $0.16 support level, it might spark a strong rise to $0.57. However, failing to sustain this level may result in a drop to $0.06, which could concern investors.

At the time of writing, Dogecoin was trading at $0.1575, down 8.52% in the last 24 hours amid an ongoing sell-off on the crypto market. The recent dip has increased pressure on the $0.16 support level, making the next few trading sessions crucial for DOGE’s short-term direction.
In this light, the market will be closely watching for Dogecoin’s return to the $0.16 mark. Amid the current market uncertainty, DOGE’s price action in the coming days could set the tone for its next potential move.
Crypto market faces sell-off
Bitcoin and other cryptocurrencies were under pressure Thursday as investors considered macroeconomic concerns. This corresponds with a sell-off on the equities market, with the broad market S&P 500 poised for its worst day since September 2022. Shares of Coinbase and MicroStrategy fell more than 7% each.
Dogecoin also fell, reaching an intraday low of $0.155 at press time. The first sign of strength for Dogecoin will be a break and close above $0.16. Dogecoin may then increase to $0.21, which might serve as a significant hurdle. If buyers break over the $0.21 resistance, Dogecoin may rise to $0.24 and then to $0.29.
Sellers are likely to have different plans. They will attempt to defend the moving averages and lower the price below $0.16. If they succeed, Dogecoin might fall to the $0.14 support. A break and closing below $0.14 may bring the DOGE price down to $0.10 or even $0.06.