Dogecoin Price Tests Panic Zone At $0.21, Breakdown Could Lead To Price Crash
The post Dogecoin Price Tests Panic Zone At $0.21, Breakdown Could Lead To Price Crash appeared on BitcoinEthereumNews.com. Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Dogecoin is currently showing signs of selling pressure after shedding much of the bullish momentum it had gathered in late April and early May. Technical analysis of the Dogecoin price shows that the meme cryptocurrency is precariously hovering just above a key support level that puts it one step away from a downtrend. Crypto analyst RLinda noted this level, set at $0.214, on the TradingView platform, labeling it a retest of the panic zone. Related Reading Panic Zone Under Retest Due To Dogecoin Correction According to RLinda’s analysis, Dogecoin’s distribution phase between May 9 and 11 ended in the $0.2600 range, eventually marking the end of its latest bullish impulse. During this distribution phase, Dogecoin squandered all the potential it had accumulated in late April and early May. From that point, the price has been falling steadily, entering what the analyst describes as the correction or dump phase. This has caused the meme coin to test the 0.214 level, the current panic zone. A confirmed breakdown below this panic zone, particularly beneath the 0.2135 support line, would not only liquidate long positions but also likely intensify selling pressure, eventually leading to what could become an uncontrolled price decline. Interestingly, this correction price action has been characterized by lower highs, leading to the formation of a triangle pattern that’s visible on the 2-hour timeframe. RLinda warned that if the triangle’s base is broken, this structural failure could reinforce bearish sentiment. This would open the door to downside…
The post Dogecoin Price Tests Panic Zone At $0.21, Breakdown Could Lead To Price Crash appeared on BitcoinEthereumNews.com.
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Dogecoin is currently showing signs of selling pressure after shedding much of the bullish momentum it had gathered in late April and early May. Technical analysis of the Dogecoin price shows that the meme cryptocurrency is precariously hovering just above a key support level that puts it one step away from a downtrend. Crypto analyst RLinda noted this level, set at $0.214, on the TradingView platform, labeling it a retest of the panic zone. Related Reading Panic Zone Under Retest Due To Dogecoin Correction According to RLinda’s analysis, Dogecoin’s distribution phase between May 9 and 11 ended in the $0.2600 range, eventually marking the end of its latest bullish impulse. During this distribution phase, Dogecoin squandered all the potential it had accumulated in late April and early May. From that point, the price has been falling steadily, entering what the analyst describes as the correction or dump phase. This has caused the meme coin to test the 0.214 level, the current panic zone. A confirmed breakdown below this panic zone, particularly beneath the 0.2135 support line, would not only liquidate long positions but also likely intensify selling pressure, eventually leading to what could become an uncontrolled price decline. Interestingly, this correction price action has been characterized by lower highs, leading to the formation of a triangle pattern that’s visible on the 2-hour timeframe. RLinda warned that if the triangle’s base is broken, this structural failure could reinforce bearish sentiment. This would open the door to downside…
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