Dogecoin’s value drops by 9% following delay in Dogecoin ETF decision

will likely determine DOGE’s next price movement. Another crypto analyst pointed out that Dogecoin (DOGE) is currently testing a critical support level at $0.168, which has been holding since April. Breaking below this level could lead to a potential freefall with little buying interest to stop the decline. On the flip side, if it manages to hold this level, DOGE could bounce back.

Javon Marks, another crypto analyst, is optimistic about DOGE’s future as it continues to maintain higher lows, indicating strong bullish signals. Marks predicts that the current breakout pattern could propel the memecoin to $0.65, representing a 260% increase from its current value. Additionally, Marks mentioned that if prices break above this target, reaching $1.25 is a possibility, which is over 600% higher than the current value.

Interestingly, a 4-year cup-and-handle pattern suggests a potential long-term target of $0.75 if DOGE breaks out, presenting a 350% increase. However, short-term momentum appears weak, with indicators like MACD signaling intense selling pressure. While some experts anticipate a climb to $0.20 by mid-July, others warn that a failure to stay above $0.168 could trigger a significant price drop, a moment some traders are referring to as “the line of life and death.”

In conclusion, the future of Dogecoin remains uncertain as it navigates various key levels and patterns in the market. While some analysts see potential for a significant rally, others warn of a possible downturn. The postponed decision on Grayscale’s spot Dogecoin ETF and its implications for the market will likely continue to impact Dogecoin’s price in the near future. Dogecoin holders and traders are advised to closely monitor key levels and patterns to make informed decisions regarding their investments.