Dogecoin is exhibiting selling pressure after losing bullish momentum from late April and early May. Technical analysis indicates the meme cryptocurrency is hovering above a key support level, risking a downtrend.
Analyst RLinda identified the critical level at $0.214 on TradingView, labeling it a retest of the panic zone. Dogecoin's distribution phase from May 9-11 ended around $0.2600, marking the end of its recent bullish impulse.
Since then, the price has steadily declined, testing the $0.214 level. A confirmed breakdown below $0.2135 could intensify selling pressure, potentially leading to an uncontrolled price decline. Immediate resistance lies at $0.222 and $0.2307, while support levels are at $0.2145 and $0.2135.
Currently, Dogecoin is trading at $0.22, up 1.72% in the last 24 hours. This slight recovery suggests buyers are attempting to regain control, potentially undermining the bearish setup.
This article is based on our author's analysis of materials taken from the following resources: TradingView.