Dogecoin’s recent price movement shows a classic battle between bears and bulls, where meme cryptocurrency finds stability after a significant downward trend.
The coin experienced a decrease of 9.7% from $ 0.237 to $ 0.214 before buyers entered the key support levels. This point of action has created what analysts describe as a “panic zone gene test” around $ 0.215 mark, which has so far held on to the sale of pressure.
Market structure indicates that DOGE is currently navigating in a falling wedge pattern, which is typically considered a bullish reversing formation when broken to the head.
The Ichimoku cloud on short-term charts shows a price laid in equilibrium area, with several technical indicators that converge to create tight reference levels between $ 0.212 and $ 0.225.
For dealers, the immediate focus is on whether DOGE can break over the falling trend-line resistance near $ 0.219- $ 0.220. A crucial feature above this level could target $ 0.235- $ 0.244 series, while non-compliance with current support may see prices withdraw against $ 0.20 or even $ 0.185 in the short term.
Technical analysis highlights
- DOGE formed a declining channel with clear resistance of $ 0.235 level in which the sales pressure consistently arose.
- A remarkable support zone developed about $ 0.215- $ 0.217, confirmed with increased volume within 13:00 hours.
- V-shaped reversing pattern formed with the bottom to $ 0.215 around 13:14, followed by stable accumulation.
- Volume increased significantly to over 10 million units around 13:30, triggering a sharp movement upwards.
- New support zone established for $ 0.218, with several high -volume candles confirming a strong purchase interest.
- The overall price action suggests Bearish Momentum with intermittent consolidation phases.
External references
