DOGE Sinks to $0.23: Double-Top Pattern Rings Alarm Bells

Jakarta, Pintu News – Dogecoin (DOGE) is currently at an important crossroads as its charts and indicators are showing conflicting signals. This makes it difficult to assess the current state of the world’s most popular parody cryptocurrency.

According to the FX Leaders report (23/9), the asset is testing crucial support levels, while institutional moves could potentially trigger further price movements.

Then, how is the current Dogecoin price movement?

Dogecoin Price Drops 2.48% in 24 Hours

On September 24, 2025, Dogecoin slipped 2.48% over the past 24 hours, trading at $0.2334, or about IDR 3,887. During the same period, DOGE fluctuated between IDR 4,056 and IDR 3,863.

At the time of writing, Dogecoin’s market capitalization is approximately IDR 593.42 trillion, with a 24-hour trading volume of around IDR 44.24 trillion.

Read also: Ethereum Holds at $4,100 Today as Key Resistance Levels Test ETH’s Momentum

DOGE/USD Technical Analysis: Double Top Pattern Triggers Bearish Concerns

Merlijn, a technical analyst from The Trader, discovered a worrying double top pattern that could potentially signal a decline in the price of DOGE. This pattern shows two failures of the price to break the resistance level around $0.27.

After that, the price broke through the neckline and reached the measurement target at around $0.238 – right at DOGE’s current trading level.

This bearish formation confirms that $0.27 is an important resistance level. However, the analyst thinks that the negative outlook could be negated if the price is able to close daily above $0.28.

This technical warning comes after DOGE plummeted 9.5% in just 24 hours, with trading volume surging to $4.7 billion – up 180% and pushing the volume to market capitalization ratio to 13.04%.

Ichimoku Analysis Remains Bullish Despite High Volatility

Tardigrade Trader’ s Ichimoku technical analysis shows a different picture than the bearish double top pattern. The full indicator system reveals that DOGE is still above Kumo (Cloud) and Kijun-sen (Base Line), the two main signals of a bullish trend in this Japanese charting method.

The analysis recorded a bullish total score of +4 from all Ichimoku components. The green colored Kumo signals buyer dominance, while the Chikou Span (Lagging Line) is above the price action, indicating historical momentum favoring a continuation of the upside movement.

The Kijun-sen level at $0.24770 and the Kumo range between $0.21517 to $0.22214 are two important support areas that the market is watching.

Grayscale’s Dogecoin ETF filing sparks institutional interest

Grayscale has officially applied to convert the Dogecoin Trust into a full-fledged ETF with the ticker GDOG, which is planned to be traded on NYSE Arca. This move adds a new chapter to DOGE’s complex journey.

The news comes after the SEC updated its rules to speed up the ETF approval process. Coinbase was appointed as the custodian and prime broker for the proposed product.

Market history shows that investors are quite enthusiastic about regulated crypto products. For example, Osprey’s Dogecoin ETF (DOJE) attracted $17 million in its first trading session alone.

Read also: 21Shares Officially Launches Dogecoin ETF on DTCC!

This institutional support comes on the heels of whales buying hundreds of millions of DOGEs, triggering significant price fluctuations in recent times.

Dogecoin Price Prediction and Important Levels to Watch Out For

Based on the latest technical analysis and current market conditions, there are several possible scenarios for DOGE, according to the FX Leaders page:

• If the price stays below the $0.27-$0.28 resistance zone, the bearish double top pattern indicates a potential for continued decline. The lower target could even touch the Ichimoku support area in the $0.21-$0.22 range.
• However, according to Ali Martinez, an ETF analyst, if DOGE manages to break back out of the $0.27-$0.28 area, the price could jump quickly to $0.45, with a short-term target around $0.39. Some analysts think this could be a successful retest of the long-term uptrend breakout, while others consider it a failed rally.

The $0.28 level is still the key deciding point. If the price is able to hold above it, the bearish double top pattern is automatically canceled, and a bullish scenario with a target of $0.30-$0.35 – the level that DOGE reached in early 2025 – has a chance to reactivate.

DOGE seems to be gearing up for its next big move. The MVRV ratio is still below the previous cycle peak, while the token continues to trade in the $0.20-$0.25 range since 2023.

If institutional interest through ETFs, whale accumulation, and oversold technical conditions come together, there is a great chance for bulls to regain control of the market.

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• Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• FX Leaders. Dogecoin Battles Mixed Signals Around $0.23 as Grayscale ETF Filing Adds Fuel. Accessed on September 24, 2025