Analysis suggests Dogecoin (DOGE) has a chance to experience a significant surge of up to 250% if it maintains its support at the crucial $0.16 level. Experts attribute this potential rise to expanding DeFi applications and growing institutional interest, pushing DOGE’s price towards levels not seen before. However, market sentiment remains mixed. Though Dogecoin (DOGE) is trading near its key technical support of $0.16, declining open interest in futures contracts and fluctuating trading volume indicate a cautious outlook. Analyst Ali Martinez believes this support level could unlock a breakout above the current price towards a possible $0.57 – a 250% jump from today’s levels. Conversely, if the price drops below this crucial mark, DOGE is at risk for a correction to $0.06. To drive momentum, Dogecoin needs to surpass resistance levels around $0.18 and $0.21. While some indicators point towards cautious optimism, the next few days will hold critical significance as traders closely watch price action at the $0.16 level.