Why The Dogecoin Price Is At Risk Of Another 10% Crash

After a turbulent month, the Dogecoin price looks to stabilizing just around the $0.2 level, and it continues to show strength at this level. However, there are some developments on the meme coin’s chart that suggest that there could be some bearish headwinds that could lead to another ￰0￱ analyst MyCryptoParadise outlines this in a recent analysis, showing the possible directions that the Dogecoin price could be headed in as the market ￰1￱ Price Is Facing Strong Resistance The first thing that stands out is that the crypto analyst explains that the Dogecoin price is already seeing a lot of resistance, especially on the 4-Hour ￰2￱ the price was rejected below $0.21, it suggests that bears are already putting a lot of pressure on the price at this ￰3￱ Reading: Bitcoin Price Could See A New All-Time High Above $126,000 If It Breaks This Critical Level Another interesting chart is the Dogecoin 1-Hour chart that shows a breakdown in the Rising ￰4￱ fact that this breakdown occurred with bearish divergence increases the possibilities of a price decrease, pushing it back down toward the next major ￰5￱ crypto analyst also shows that this downward move is still supported by the confluence that has shown ￰6￱ the Dogecoin 1-Hour chart, the 200EMA has also been acting as a dynamic resistance, adding more pressure to an already bearish ￰7￱ here, the crypto analyst advises investors to be cautious before entering into the meme ￰8￱ the best time to enter, it is best to wait for the price breakdown toward lower levels before taking a ￰9￱ the current trend plays out, then it could see another 10% ￰10￱ Reading: Crypto Analyst Shows The Possibility Of The Ethereum Price Reaching $16,000 In the event of this breakdown, then the next major level lies just above $0.18, which is where support is piling up.

A cleaner bearish candlestick pattern would ensure an entry with lower risk, before the Dogecoin price begins another bounce. However, just like with any setup, there is still the possibility for invalidation and this time, the bulls could do ￰11￱ Dogecoin price would have to break out and make a candle above the resistance zone on the 4-Hour ￰12￱ a sustained break would invalidate the bearish setup and create room for a bullish ￰13￱ image from Dall. E, chart from ￰14￱