Dogecoin (DOGE) Price Forecast: What Next After Holding $0.15 Support?

Last week, Dogecoin (DOGE) price spent five consecutive days in decline, tumbling from $0.164 high to $0.146 and registering an 11.17% loss in the process.

But having found support at $0.15, can the bull stage a rebound toward $0.20 in the week ahead?

Will Support at $0.15 Usher in a New Rally?

DOGE, the largest meme cryptocurrency by market cap, has witnessed a notable downturn this week amid Bitcoin’s post-halving correction. However, the asset price currently retesting crucial monthly support of the triangle pattern indicates a possibility of reversal

For nearly two months, the Dogecoin price has been trading sideways and can be traced through two converging trendlines of the daily chart. These trendlines acting as dynamic resistance and support indicate the formation of the symmetrical triangle pattern.

Currently, the DOGE price trades at $0.145 and witnessed demand pressure at the triangle’s lower trendline as displayed by a long-tail rejection. The asset has shown a history of bouncing back from the mentioned support, signaling a high area of interest for buyers.

According to a recent analysis by Santiment, a renowned crypto analytics firm, there is a notable divergence in the activity of cryptocurrency wallets. The data indicates that the total number of active non-empty Bitcoin wallets is on the rise, suggesting an increased interest in Bitcoin despite its price volatility.

Anyhow, for this memecoin to enter a direction trend, the buyers must breach from either of the triangle’s trendlines. A potential breakout from the upper boundary will accelerate the buying momentum and bolster the asset to break $0.2.