Dogecoin Price Could Break Down Completely If This Level Fails To Hold
Dogecoin price has been one of the hardest hit during the recent market drawdowns, and this comes even as the Bitcoin price is sitting very close to its new all-time highs. So far, the Dogecoin price has already tumbled below the $0.2 support, suggesting that the bears are back in control once again. This puts the meme coin at a perilous position, with a major support level swimming into view that it must hold or risk a massive tumble.
Dogecoin Price Remains Bullish Above Trendline And Support Block
Crypto analyst Lingrid has outlined where the Dogecoin price is currently sitting and the levels that are the defining factors for the meme coin right now. Currently, the pullback looks to be a result of an ABC decline. However, this pullback seems to be losing steam, especially as the bears have pushed the price back below $0.2.
Lingrid explains that the Dogecoin price is still bullish despite this pullback, especially as the altcoin has put in a higher low on the ascending channel support. The $0.188-$0.190 zone continues to be important, and as long as this level is maintained, there is still bullish support for the meme coin. In addition to this, Lingrid also said that the Dogecoin structure remains bullish as the price is still above the trendline and support block.
The major thing now is for buyers to reclaim control from the sellers for the bullishness to continue. In this case, a couple of buying zones have opened up between $0.187 and $0.19, and the Dogecoin price is right smack in the middle of this. Bulls only need to reclaim $0.195 with bullish confirmation for this to be complete, and then shoot for $0.215.
However, there is still the risk of the eradication of this bullishness if the Dogecoin price breaks down below the higher low. If it falls below $0.187, then the crypto analyst says this is a sell signal. Consolidation below $0.195 is expected to delay the breakout, and a Bitcoin price drop could weaken the entire structure.
DOGE Still Showing Strong Support
Another crypto analyst, Stanley Crypto, has shown that a lot of support is still mounting for the Dogecoin price. Just like Lingrid, Stanley posits that $0.18 and $0.19 are important levels for the meme coin to hold. This is the strongest support zone now as the price has flatlined.
This means that bulls have to maintain this level if there is to be any continuation of the bullish motion. “The setup suggests a potential uptrend with higher highs, but a breakdown below support may invalidate this move,” Stanley concluded.
Featured image from Dall.E, chart from TradingView.com
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