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 crucialAs 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).$0.080 is the key support for Dogecoin $DOGE, while $0.20 stands as the main resistance. pic.twitter.com/1yCNAhqTDkIn a recent tweet, Ali indicated "$0.080 as the key support for Dogecoin , 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.