Dogecoin Breakdown Looms? Double-Top Pattern Flashes Red Alert

TL;DR

• DOGE confirmed a double top at $0.27, with bearish target matching the current $0.238 price zone.
• Trendline retest around $0.24–$0.25 holds, keeping breakout structure intact with resistance near $0.30.
• MVRV ratio rising but below peaks, suggesting DOGE remains mid-cycle with a target of $1.20.

Double Top Formation Raises Bearish Concerns

Dogecoin (DOGE) is trading at $0.24 after dropping 11% in the past 24 hours and 10% over the week. The decline follows a pattern flagged by analyst Merlijn The Trader, who said,

$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

Notably, the setup formed as DOGE failed twice to break higher, before sliding under the neckline near $0.27. A brief bounce back to that level was rejected, confirming the breakdown. Based on the measured move, the projected downside sits at $0.238, now reached by the price.

Resistance remains at $0.27, while a close above $0.28 would challenge the bearish case. As long as the price stays under the neckline, the chart points to weakness.

Trendline Retest Offers Counterpoint

Analyst Trader Tardigrade pointed to a completed retest of a descending trendline that capped the price for months. The breakout above the line was followed by a pullback to $0.24–$0.25, where support held.

Meanwhile, this level is now seen as a base. If DOGE remains above it, momentum could build toward $0.30. A move through that resistance would leave room for targets between $0.32 and $0.35, levels tested earlier in the year.

In addition, Trader Tardigrade also shared an Ichimoku update. They noted,

“No bearish Ichimoku signals; status remains bullish.”

DOGE trades above both the Kumo cloud and the Kijun-sen line, with support at $0.24770 and deeper support between $0.21517 and $0.22214.

All major indicators maintain an upward bias. The cloud is green, price action holds above the Kijun-sen, and the Chikou span is above the price. These keep the short-, mid-, and long-term trends aligned and heading in a bullish direction.

MVRV Suggests Room for Growth

On-chain data adds another angle. The Market Value to Realized Value (MVRV) ratio is climbing but remains far from the overheated levels of past peaks. Analyst Cryptollica said,

ITS NOT OVER $DOGE

MVRV Ratio

Target 1: 1.20$ pic.twitter.com/a3NIGbKrIp

— Cryptollica⚡️ (@Cryptollica) September 21, 2025

DOGE has been moving between $0.20 and $0.25 since 2023, building a steady base. With MVRV still below historic extremes, the data suggests the asset may still be in a mid-phase of its cycle.