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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. Related Reading: Bitcoin Is Digital Capital That Outpaces Traditional AssetsMichael Saylor 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. OGE IS FLASHING A TEXTBOOK DOUBLE TOP. Bearish retest locked. Target sits at $0. 238. Dont 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. Related Reading: Ripple CTO Drops Bombshell: XRP At The Core Of Trillions In Banking Future 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. Continue reading Dogecoin Warning: Double Top Formation Hints At Decline – Analyst→