Dogecoin’s recent price movement shows a classic battle between bears and bulls, with the meme cryptocurrency finding stability after a significant downtrend.
The coin experienced a 9.7% drop from $0.237 to $0.214 before buyers stepped in at key support levels. This buying pressure has created what analysts describe as a “panic zone retest” around the $0.215 mark, which has so far held firm against selling pressure.
Market structure indicates DOGE is currently navigating a falling wedge pattern, typically considered a bullish reversal formation when broken to the upside.
The Ichimoku cloud on short-term charts shows price lodged in equilibrium territory, with multiple technical indicators converging to create tight reference levels between $0.212 and $0.225.
For traders, the immediate focus remains on whether DOGE can break above the descending trendline resistance near $0.219-$0.220. A decisive move above this level could target the $0.235-$0.244 range, while failure to hold current support might see prices retreat toward $0.20 or even $0.185 in the near term.
Technical Analysis Highlights
- DOGE formed a descending channel with clear resistance at the $0.235 level, where selling pressure consistently emerged.
- A notable support zone developed around $0.215-$0.217, confirmed by increased volume during the 13:00 hour.
- V-shaped reversal pattern formed with the bottom at $0.215 around 13:14, followed by steady accumulation.
- Volume significantly increased to over 10 million units around 13:30, triggering a sharp upward movement.
- New support zone established at $0.218, with multiple high-volume candles confirming strong buying interest.
- Overall price action suggests bearish momentum with intermittent consolidation phases.
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