2026-06-04 01:30:43
Dogecoin Price Just Entered A Critical Level, But Analyst Says It’s Not Time To Buy
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Dogecoin has returned to a major long-term level on the monthly chart, setting up another important test for the meme coin after months of weak price action . The setup was initially noted by crypto analyst Trader Tardigrade on X, who argued that DOGE is now sitting at a critical resistance zone where previous rallies have failed. Dogecoin has visited this price zone only twice in the past decade, and each visit ended the same way. The Pattern That Has Defined DOGE Since 2015 Trader Tardigrade’s long-term Dogecoin chart shows DOGE trading inside a massive descending broadening channel that has shaped price action for years. This channel has shaped Dogecoin’s price action for over a decade now, with two clearly defined red trendlines that widen progressively as time passes. As shown in the chart below, Dogecoin previously rallied into the upper resistance of this channel in 2017 and in 2020, and both moves ended with strong rejections followed by deep corrections. Now, in 2026, Dogecoin has returned to that same overhead structure for a third time and looks like it is about to reject again. As noted by Trader Tardigrade, this is where we dump Dogecoin. Dogecoin has already dropped by 8% over the last three days, a decline that came shortly after DOGE tested that major resistance area , making the pattern a strong warning. Real Message Behind The Inverted Chart Trader Tardigrade’s chart presents DOGE/USD on the monthly timeframe, but the price scale is flipped. This means the lower the chart moves, the higher Dogecoin is actually moving in normal market price. Therefore, the red descending line labeled as critical resistance is not a bearish ceiling in the conventional sense, but a bullish line on an inverted chart, and a rejection from it sends the price directly into an upward movement in real terms. In each of the two previous cases, the 2017 cycle and the 2021 cycle, a rejection from that inverted resistance was followed by a large move downward on the inverted chart, meaning a large rally upward on the normal DOGE chart. Therefore, the current price action should be looked at as a return to support instead, and the analyst is expecting a bounce to higher price levels. Dogecoin is currently trading at $0.0937, which places it squarely within a support range between $0.09 and $0.10. A move above $0.10 and into the $0.15 to $0.18 range would be the first indication that sentiment around DOGE is beginning to improve. However, the stronger signal would come from a break above $0.25 , as that would make it clearer that DOGE is bouncing from the support structure. Interestingly, the inverted chart’s structure leaves room for a move into double-digit price targets before Dogecoin reaches the next major trendline.