Dogecoin Warning: Double Top Formation Hints At Decline – Analyst

Dogecoin fell to $0.238 after a sharp sell-off that erased gains and pushed volatility higher. According to market feeds, the coin lost 9.5% in the past 24 hours and about 8% over the week, with a sudden spike in activity that traders say caught many off guard.

Double Top Triggers: Cause For Concern?

According to analyst Merlijn The Trader, price action showed two failed attempts to push higher before sliding beneath a neckline near $0.27. That setup produced a measured move target around $0.238 — a level the market reached.

Resistance sits at $0.27, and a daily close above $0.28 would weaken the bearish case. For now, traders watching the pattern see the chart as favoring downside while the price stays under the neckline.

$DOGE IS FLASHING A TEXTBOOK DOUBLE TOP.

Bearish retest locked. Target sits at $0.238.

Don’t confuse noise with signal.

The chart is already telling the truth. pic.twitter.com/GJ32G2kniw

— Merlijn The Trader (@MerlijnTrader) September 21, 2025

Retest Keeps Bull Case Alive

Other analysts have a different read, pointing out a completed retest of a long running descending trendline that had capped rallies for months. The breakout above that line was followed by a pullback into a $0.24–$0.25 zone where support showed up.

If the memecoin holds above that base, momentum could push toward $0.30, with further upside possible to $0.32–$0.35 — levels the token traded at earlier this year.

On-Chain Data And Market Activity

Reports have disclosed on-chain measures that add context to the price swings. Market Value to Realized Value, or MVRV, has climbed but is still below the highs seen in prior tops, a point raised by some analysts. DOGE has traded mostly between $0.20 and $0.25 since 2023, which some see as a steady base rather than a blow-off top.

Trading numbers underline the heat. Market cap sits near $36 billion while 24-hour volume surged to about $4.7 billion — up 180%. Circulating supply is steady at 151.04 billion DOGE, and the volume-to-market-cap ratio sits at 13.04%, a sign of unusually aggressive activity from both large holders and retail traders.

ETF Talk Fuels Price Targets

ETF chatter remains part of the mix. Based on market commentary from Ali Martinez, regaining the $0.27–$0.28 band could spark a quick push toward $0.45, with interim targets at $0.39.

Martinez points to the brief breakout above $0.27 as a bullish signal, even if it did not hold for long. For many traders, ETF expectations are the catalyst that would turn near-term weakness into renewed rallies.

Featured image from Unsplash, chart from TradingView