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Dogecoin (DOGE) is back in the spotlight — and not because of Elon Musk interaction, but for a price chart setup that could shape where the meme coin goes next. DOGE is trading just under $0.17, a level that has done some heavy lifting in the past. 

This time, though, it is not acting as support. And that is the question now: can DOGE reclaim it before candles start to go red?

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What is at stake here is more than just a psychological level. The $0.17 zone lines up with the 78.6% Fibonacci retracement from the 2021 rally, as depicted by analyst Ali Martinez. A move back above it could restore some short-term optimism, potentially opening a path back toward the $0.23-$0.30 range per DOGE. 

#Dogecoin $DOGE needs to reclaim $0.17 as support! Failing to do so could open the door to a drop toward $0.06. pic.twitter.com/WUHX4tuSk4

— Ali (@ali_charts) April 22, 2025

But what Dogecoin got instead was a rejection, followed by a slow grind lower. That is not a great look, especially with the next major support sitting all the way down at $0.06.

Still, that kind of drop would not come out of nowhere. DOGE has been respecting a long-term ascending channel, and while the trendline is still intact, momentum is starting to feel thin. The last bounce off $0.06 led to a rally — but without reclaiming $0.17, it is hard to see that move as anything more than a temporary spark. Volume has not been convincing either.

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For now, either Dogecoin bulls step in and flip $0.17 back into support, or the door opens to a deeper pullback that could erase much of this year’s gains. Whether a major meme coin can hold its ground or slide back into a longer consolidation phase will say a lot about what kind of cycle it is in.