As March 22 approaches, Dogecoin (DOGE) shows signs of potential downward pressure after forming a bearish candlestick pattern known as the “Bearish Tweezer.” The formation occurred following a failed breakout at the $0.176 resistance level.
Dogecoin Bearish tweezer pattern signals downward movement
According to an analysis by Trader Tardigrade, Dogecoin has displayed the appearance of the Bearish Tweezer pattern. This formation typically indicates a reversal of the previous upward trend. After briefly testing the $0.176 resistance level, Dogecoin failed to maintain the breakout, leading to a shift in market sentiment. The failure to establish momentum above $0.176 could suggest a weakening in upward price momentum, increasing the likelihood of a pullback.
If Dogecoin continues to face downward pressure, it could soon revisit previous support levels. Analysts expect the price to test the $0.143 support zone once again potentially. This level represents a crucial threshold for $DOGE, as a further drop below could open the door to a deeper decline. As of now, the cryptocurrency seems poised for a range-bound movement between $0.143 and $0.176 unless there is a significant shift in momentum.
Outlook for resistance breakthrough and current market movement
For Dogecoin to break above the $0.176 resistance level, it will need to build momentum. A sustained series of higher lows just below the $0.176 mark could serve as the foundation for a potential upward push. Without this buildup of positive price action, the path to breaking through resistance seems challenging. Thus, the Bearish Tweezer pattern suggests that further downward movement is likely unless a significant shift occurs in market conditions.
Tracking the current market movement, CoinMarketCap data indicates that The image shows a market overview of Dogecoin (DOGE) on March 21, 2025, with key statistics. Dogecoin is priced at $0.1666, down by 1.19% over the last 24 hours. Its market capitalization stands at $24.75 billion, reflecting a 1.18% decline in the same period.
The trading volume for Dogecoin during this period is $804.93 million, a significant drop of 33.79%. The total supply of Dogecoin is 148.52 billion coins, with the same amount in circulation, confirming no additional coins in the market at this time. The fully diluted valuation (FDV) of Dogecoin is also $24.75 billion.
