DOGE's Direction? Two Critical Levels to Determine Next Trend

Dogecoin rose for five days at a stretch, from Nov. 22 to 26, reaching a high of $0.1567 before slightly declining.

Dogecoin's rise coincided with the Wall Street launch of the first U.S. spot DOGE ETFs, providing new investment pathways. Grayscale’s GDOG launched on NYSE Arca, with a modest $1.41 million in day-one volume and zero net inflows.

Bitwise’s BWOW ETF also opened trading, expanding regulated pathways for traditional investors to access DOGE.

Bitcoin also rose above $91,000, partly reversing last week's slide and lifting the rest of the crypto market higher. At press time, Dogecoin was up 2.27% in the last 24 hours to $0.1534 and down 2.37% weekly.

Two key levels now crucial

As Dogecoin awaits its next move on the markets, Ali, a crypto analyst highlights two key levels for bulls and bears to watch based on Glassnode's UTXO Realized Price Distribution (URPD).

In a recent tweet, Ali indicated "$0.080 as the key support for Dogecoin (DOGE), while $0.20 stands as the main resistance."

As reported, Dogecoin held firm through repeated tests of these levels despite broader market volatility. Ali noted that Dogecoin had tested this level five times in a row.

A broader structure suggests an inverse head-and-shoulders pattern, which would target $0.179 once completed, alongside a rising channel. On the 12-hour chart, a large falling wedge is formed that suggests a potential move toward $0.27 if positive macro catalysts return to the markets.

DOGE’s ability to hold support above $0.1548 might set the stage for a retest of $0.157, while a drop below $0.152 risks a return to the $0.1499 low. A breakout from the rising channel pattern would target $0.16, $0.179 and then $0.27.