Dogecoin at Critical $0.24 Zone: Bulls Target $27 or $6.9?

Dogecoin has reached a pivotal technical level, tapping into the Imbalance Zone (IMB) around $0.24, specifically between $0.235 and $0.245. This area now stands as a potential pivot point that could determine whether the popular meme coin rebounds toward $0.27 or continues its decline. According to crypto analyst ‘Blockchain Baller,’ who disclosed his analysis on X social media, Dogecoin has ‘tapped the IMB zone after a clean manipulation and structure break,’ signaling the potential end of a corrective phase.

The $0.235-$0.245 region historically acts as a liquidity zone where price inefficiencies often get filled before a move higher. Blockchain Baller asserts that manipulation and structural breaks are both classic signs that the market may be preparing for a reversal. The analyst notes that price has reacted multiple times in the same region, showing that buyers are stepping in to defend the zone. For now, Dogecoin’s immediate path seems to depend on how it reacts to this critical IMB zone.

Blockchain Baller’s 4-hour chart analysis highlights this zone as the critical decision point for DOGE bulls. If price climbs back to this level and holds it as support, the analyst predicts a short-term rebound toward the $0.26-$0.27 range. For a bullish confirmation, the analyst suggests that the price would need to break above ‘short-term resistance’ with increasing momentum. However, a breakdown below $0.235 could temporarily delay recovery, making this a genuine make-or-break moment for Dogecoin’s short-term structure.

While short-term analysis focuses on the $0.24 zone, broader timeframe analysis by crypto market expert Kaleo presents a much more ambitious outlook. His long-term chart analysis draws striking parallels between DOGE’s current price action and the previous cycles observed before each Bitcoin halving event. In the past, Dogecoin has consistently broken out from long-term descending triangles shortly after a Bitcoin halving, leading to explosive price rallies.

Kaleo’s chart shows DOGE’s past rallies from similar formations produced gains of over 20,000% in 2021 and 30,000% in 2017. Dogecoin’s price action currently mirrors these exact setups, suggesting that its price could be preparing for a historic move again. If history repeats, Kaleo has set DOGE’s long-term target at $6.9, representing a 3,530% increase from current levels around $0.19. This projection comes despite recent market volatility and represents one of the most optimistic long-term forecasts for the meme cryptocurrency.

The analyst forecasts come amid significant market turbulence that saw Dogecoin experience sharp price movements. Interestingly, Kaleo’s $6.9 target analysis emerged just after a sharp daily crash that saw Dogecoin drop about 60% at its lowest point. This dramatic decline raised questions about the underlying market dynamics and whether such movements reflected genuine market sentiment or external factors.

Market expert Kevin noted that the fall was too extreme to be retail-driven, hinting at systemic exchange failures across major trading platforms. The analysis pointed to temporary restrictions on buying during the dip across Binance, Coinbase, and Robinhood, suggesting that technical issues rather than organic selling pressure may have contributed to the severe price drop. This context is crucial for understanding the current market environment in which Dogecoin is testing its critical technical levels.