TL;DRDOGE 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 ConcernsDogecoin (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, 2025Notably, 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 CounterpointAnalyst 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.Source: Trader Tardigrade/XIn 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 GrowthOn-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 $DOGEMVRV RatioTarget 1: 1.20$ pic.twitter.com/a3NIGbKrIp— Cryptollica (@Cryptollica) September 21, 2025DOGE 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.The post Dogecoin Breakdown Looms? Double-Top Pattern Flashes Red Alert appeared first on CryptoPotato.