Dogecoin Faces Critical Support Level Amid轴承Chart Pattern
Dogecoin is reaching a possibly crucial moment. The cryptocurrency’s price, currently just above a key support area, is forming a descending triangle on the daily chart. This bearish pattern suggests that a drop to $0.145 could be imminent.
The descending triangle is visible within a larger downward trend. The price is far below the 200-day Simple Moving Average (SMA) at around $0.248.A notable support zone exists between $0.165 and $0.17. Price has repeatedly rebounded from this area but is now testing it once more.
Shoudl Dogecoin break below $0.165, it could signal a bearish breakdown, triggering more selling.This move could push the price down to the next major support at $0.145. However, if the $0.165-$0.17 zone holds, a bounce within this range is still possible.
Despite this, the general trend remains bearish unless there’s a significant breakout above the descending triangle’s upper boundary, confirmed by a daily close above it.
Technical indicators support this bearish view. The price is below both the 20-day Exponential Moving Average (EMA) and the 200-day SMA, both trending downward. The Relative Strength Index (RSI) is near oversold levels at 36, and the MACD remains negative.
For now,traders are closely watching $0.165 for any signs of a bearish breakdown or a potential rebound.
