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Dogecoin is currently shown Drawing sales pressure After shedding many of the bullish momentum it had collected At the end of April and early May. Technical analysis of the Dogecoin price shows that the meme cryptocurrency is floating dangerously Just above an important support level That takes a step away from a downward trend.
Crypto analyst Rlinda noted this level, set at $ 0.214, on the TradingView platform and labeled a retest of the panic zone.
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Panic zone under the retest because of Dogecoin correction
According to Rlinda’s analysis, The Dogecoin distribution phase between 9 and 11 ended in the range of $ 0.2600 and eventually marked the end of the latest Bullish Impuls. During this distribution phase, Dogecoin wasted all the potential that it had collected at the end of April and the beginning of May.
From that moment on, the price has fallen steadily, so that the analyst will be introduced as the Correction or dump phase. This ensured that the meme coin tested the 0.214 level, the current panic zone. A confirmed breakdown under this panic zone, in particular under the support line of 0.2135, would not only liquidate long positions, but probably also intensify the sales pressure, which ultimately leads to what could become an uncontrolled price drop.
Interesting is that this correction price campaign is characterized by lower highlights, leading to the formation of a triangular pattern that is visible on the 2 -hour period. Rlinda warned that if the base of the triangle is broken, this structural failure could strengthen the bearish sentiment. This would open the door for goals of the downward road closer to $ 0.20 and possibly even $ 0.19.
Dogecoin -resistance and support levels to view
The Immediate resistance lies with $ 0.222 and $ 0.2307, which represent key zones, must reclaim Dogecoin to deny the current Bearish arrangement. A movement above these points, especially if the price consolidates above $ 0.23, will invalidate the Bearish Breakdown structure and renew Bullish Sentiment. However, Rlinda made it clear that such a scenario is only worth considering after a clear confirmation, such as The current momentum is still in favor of sellers.
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On the other hand, the support levels of $ 0.2145 and $ 0.2135 are currently the final shields that decrease further. A nearby under $ 0.2135 would confirm the continuation of the downward trend and push the Dogecoin price in a lower consolidation zone, with limited immediate support up to $ 0.20126 and $ 0.19298.
At the time of writing, Dogecoin acts at $ 0.22, an increase of 1.72% in the last 24 hours. This slight recovery indicates early signs of strength and may already undermine the Bearish arrangement. Although this small recovery in itself is not sufficient to confirm a bullish reversal, it shows that buyers try to get some control back. If this momentum can be sustained in the new week, it can gradually clear the way a more persistent movement higher For Dogecoin during the week.
Featured image of Mashable, graph of TradingView