Dogecoin (DOGE) Forms Bearish Pattern
Top meme cryptocurrency Dogecoin (DOGE) has displayed a head and shoulders pattern, as per a recent update by cryptocurrency trader Josh Olszewicz.
This widely recognized reversal pattern is utilized by traders to spot potential downtrends. On Olszewicz’s chart, the left shoulder marks the initial reversal point for Dogecoin (DOGE).
H&S watch pic.twitter.com/Usic42g2ey
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The subsequent high point represents the pattern’s “head,” while the right shoulder signifies another reversal point, forming the neckline along with the left-side reversal point.
A potential break below the neckline could signal a further decline, completing the bearish pattern.
This pattern indicates a shift from bullish to bearish momentum when the price fails to reach a higher high.
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Renowned analyst Rekt Capital also offered valuable insights into the potential direction of the popular meme coin. His analysis highlights DOGE’s struggle to maintain its monthly retest of the critical $0.20 level, resulting in a retreat towards a supportive range.
With DOGE now within the black-red range, prospects for a recovery above the range high appear slim, though there remains time for such a scenario to unfold.
Rekt Capital suggests that DOGE is likely to consolidate within this range for the foreseeable future, with the range low presenting an appealing opportunity for investors seeking bargains.
Dogecoin is trading around $0.15 at the time of writing, with no significant price swings in the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
