DOGE fluctuates at key resistance levels. Can the Buenos Aires application implementation trigger a market surge?

Dogecoin(DOGE) is currently hovering around $0.13, in a delicate market balance. On the technical side, DOGE has formed a symmetrical triangle pattern, a classic technical formation that often indicates an upcoming significant price movement. Traders are closely watching whether this pattern can break upward to the $0.18-0.20 range, which would provide a 30-50% upside potential.

Technical Pressure but Not Without Highlights

From the chart, DOGE has been compressed within a symmetrical triangle pattern over the past few weeks, with prices repeatedly testing between $0.12 and $0.14. The key support level is around $0.12; a breakdown below this could quickly worsen market sentiment. On the upside, $0.16 is a major resistance in the near term; breaking through this level could lead to a rally toward $0.18-0.20.

The 24-hour trading volume is only $40.64M, significantly lower than before, reflecting a certain lack of market participation. Regarding technical indicators, the Relative Strength Index(RSI) hovers between 40-50, indicating the market is neither overbought nor oversold. This “lukewarm” state is setting the stage for a potential big move.

Real-World Application Brings a New Story to This Meme Coin

What truly changes the narrative is Buenos Aires’ policy breakthrough. This South American metropolis officially allows residents to pay municipal taxes—including property taxes, vehicle registration fees, and traffic fines—with cryptocurrencies(including DOGE). The payment process is simple: users just scan a QR code, and the system automatically converts crypto assets into local fiat currency, avoiding price volatility risks and offering more options for users.

This is significant for a country like Argentina, which has experienced long-term financial difficulties. When traditional banking systems face issues, cryptocurrencies become an effective way for residents to access and transfer funds. Meanwhile, the local government is collaborating with certain crypto platforms to promote best practices for secure crypto usage, indicating that the mechanism is becoming increasingly mature.

Quiet Entry of Large Funds

Changes at the institutional level are also noteworthy. Major players in traditional finance are expanding into crypto investments—recent reports suggest that a large investment firm has allowed over 50 million users to participate in crypto ETF investments, another sign of traditional finance opening its doors to crypto assets. Additionally, asset management firms have launched ETFs specifically targeting DOGE, enabling institutional investors to allocate DOGE within regulated frameworks.

Even more interesting, some developers have proposed reducing the mining reward per block from 10,000 DOGE to 1,000 DOGE. If implemented, this would significantly lower DOGE’s long-term annual inflation rate to about 0.33%, alleviating concerns about supply pressure on the meme coin.

Watchlist

DOGE is currently in a critical compression phase within the symmetrical triangle pattern, with a technical breakout window opening. The real-world application in Buenos Aires supports the fundamental story of the coin, while institutional capital inflows provide long-term backing. In the coming weeks, if the price can hold above $0.16 and break upward, $0.18-0.20 is likely to become the next battleground; conversely, if it falls below the $0.12 support, the market may give back more gains. The story of this dog is far from over.