Dogecoin (DOGE) has slipped back toward its recent breakout level amid broader crypto volatility. The memecoin traded near $0.098 on February 20, with an intraday low near $0.096 and a high around $0.099.
Data trackers indicate DOGE’s market capitalization hovering near $16.6 billion, which makes it among the largest crypto assets by market value.
The pullback follows DOGE clearing a descending trendline. Analysts now watch whether buyers defend the retest zone near $0.10. Some describe the setup as constructive, but they also stress that momentum looks soft.
Trader Tardigrade pointed out that DOGE broke above a descending trendline and then returned to test it as support. He said the price has stayed above the trendline during the backtest so far. He called the pattern “textbook bullish price action,” while he also warned that the rally still needs stronger demand.
Other traders have highlighted the area around $0.097 as a decision point because it sits near recent swing support. A hold above that area can keep the breakout structure intact. A breakdown below it can pull the price back under the trendline.
If DOGE loses that floor, traders often expect faster selling. A drop below support can push the price back into the prior downtrend. This outcome would weaken the breakout narrative and shift attention to lower demand zones.
Short-term trading has centered on the low $0.10 area. Sellers have capped rebounds in the low $0.10s, and some analysts point to $0.116 as a pivotal resistance level. A close above that area can improve the chance of a sustained rebound.
Market analysts also monitor volume because it can confirm demand. A breakout can fail when volume fades, and candles shrink. Trader Tardigrade described that risk in recent posts, and he urged traders to watch for “punchier candles” that show commitment.
Analysts have also discussed a potential cup-and-handle pattern on the daily chart. Trader Tardigrade posted that DOGE has carved a “cup” and has started forming the “handle.” Technical analysts often treat the pattern as unconfirmed until the price clears resistance with rising volume.
Beyond chart patterns, traders track policy and product headlines that can shift risk appetite. US lawmakers and industry groups continue to debate the CLARITY Act, a proposed framework for digital assets.
Recent White House talks highlighted unresolved differences on stablecoin rewards, which have slowed progress.
Coinbase has also expanded its crypto-backed borrowing product beyond Bitcoin and Ethereum. Reports said eligible US users can borrow up to $100,000 in USDC against assets that now include Dogecoin. Coinbase says its loans run through the Morpho on-chain lending protocol on Base, and liquidation can trigger when a loan reaches 86% of collateral value.
Also Read: Dogecoin Price Prediction: Will $0.10 Support Survive?