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Dogecoin currently displays Signs of sale of pressure After shedding a lot of A climb momentum of his gathering In late April and early May. The technical analysis of the Dogecoin price shows that Meme is unstable Above the main support level This puts it one step away from the declining direction.
The Crypto Rlinda analyst, which was appointed at $ 0.214, noticed on the TradingView platform, describing it as a panic test.
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The panic area is due to the correction of Dogecoin
according to RLINA analysis, The DOGECOIN distribution phase ended between 9 and 11 May in the range of $ 0.2600, which ultimately represents the end of the latest upper motivation. During this distribution phase, Dogecoin disperses all the capabilities that accumulated in late April and early May.
From that point, the price decreased steadily, and what the analyst describes as Correcting or emptying stage. This has caused the meme level 0.214 level, the current panic area. The sure collapse below this panic area, especially below the support line 0.2135, will not only filter long situations but it is also possible to intensify the pressure pressure, which ultimately leads to what can become a non -controlled decrease.
Interestingly, this correction price is characterized by the highest levels, which leads to the formation of a visible triangle style in the time frame for two hours. RLINDA warned that if the base of the triangle is broken, this structural failure can enhance the homosexuality. This would open the door to the negative side goals closer to $ 0.20 and perhaps up to $ 0.19.
Dogecoin resistance and support levels to watch
the Immediate resistance lies in 0.222 dollars and 0.2307 dollars, which represents the main areas should recover Dogecoin to cancel the current declining setting. The step is higher than these points, especially if the price is more than $ 0.23, you will nullify the declining collapse structure and can renew the upward morale. However, Rlinda explained that such a scenario is worth just looking after a clear confirmation, such as The current momentum still prefers sellers.
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On the other hand, the support levels of $ 0.2145 and $ 0.2135 are currently the final shields that hinder more declines. The closure of less than $ 0.2135 will confirm the continuation of the declining direction and the price of the Dogecoin to a lower unification area, with limited immediate support until $ 0.2012 and $ 0.19298.
At the time of this report, Dogecoin is traded at $ 0.22, an increase of 1.72 % over the past 24 hours. This slight recovery indicates signs of early strength and may already undermine the decreased preparation. Although this slight recovery is not enough on its own to confirm a bullish reflection, it appears that buyers are trying to restore some control. If this momentum can continue in the new week, it can gradually pave the way A more sustainable step For Dogecoin during the week.
Distinctive image from MASHABLE, scheme from TradingView
