Is Dogecoin price gearing up for a 16% move? 
Cryptocurrency Mar 20, 2025 Share
The original meme cryptocurrency, Dogecoin (DOGE), has exhibited an extremely high level of volatility in 2025 — even by the standards of other digital assets.
Following Donald Trump’s election victory and the founding of the Elon Musk-led Department of Government Efficiency (DOGE), Dogecoin prices surged from $0.15197 just a day before the election on November 5, 2024, to a high of $0.4665 on December 9, 2024.
Since then, price action has been overwhelmingly negative. The savvy traders who got in early, quite reasonably, took their profits. Trading volume collapsed back to pre-election levels.
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Financial markets became overwhelmed with uncertainty following President Trump’s tariff policies — in the ensuing risk asset selloff, Bitcoin (BTC) suffered a steep correction, and the wider cryptocurrency market including DOGE followed.
By press time on March 20, the meme coin was changing hands at a price of $0.17304, having marked a 30.99% decline on the monthly chart. This has brought Dogecoin’s year-to-date (YTD) losses up to 45.18%. Thus far, it has severely underperformed both the S&P 500 and Bitcoin, which have seen losses of 2.82% and 7.75% since the start of the year.
DOGE price year-to-date (YTD) chart. Source: Finbold
Since the initial post-election upswing, which increased the number of Dogecoin millionaires by 40%, the humorous asset has failed to move to the upside in a meaningful, consistent manner. DOGE’s association with Musk, an increasingly controversial figure, also isn’t doing it any favors.
In stark contrast with the recent bearish atmosphere, a renowned technical analyst believes that a significant upswing in Dogecoin prices could take place soon.
Will Dogecoin price break out of this crucial range?
DOGE appears to be in an ascending triangle chart pattern, per crypto researcher Ali Martinez, who shared his findings in a March 20 X post.
#Dogecoin $DOGE will break out! A close outside $0.16-$0.18 could trigger a 16% price move. pic.twitter.com/feuCLVlFZN
— Ali (@ali_charts) March 20, 2025
Accordingly, if the pattern is legitimate, a close outside of the $0.16 – $0.18 range could trigger a roughly 16% price move, equal to the length of the triangle’s “base”.
Here’s why traders shouldn’t get too excited, however. Ascending triangles are bullish continuation patterns — in simple terms, they usually signal that a prevailing uptrend will continue. Elon Musk’s favorite crypto is not in an uptrend — and while triangle patterns can, on occasion, indicate a trend reversal, there is nothing that would suggest that to be the case this time around.
In addition, a closer look at the price chart above reveals that DOGE’s trading volume has been on a steady decline since mid-March — further weakening the prospects of a breakout to either side.
Finally, readers should remember that Martinez is only positing a thesis. What the analyst has outlined is one possibility — but there are no guarantees that things will play out as predicted. Back in February, the researcher predicted that Dogecoin price could reach levels as high as $4 — only for the meme coin to fall beneath crucial support levels and continue on its downward trajectory.
Unfortunately for DOGE bulls, the signal appears to be far too weak to warrant a long position. That will have to wait for a more material change in the asset’s prospects — like the (albeit recently delayed) approval of a Dogecoin exchange-traded fund (ETF).
Featured image via Shutterstock