Dogecoin (DOGE) Price Charts a Bearish Path: Analyst Predicts Potential Rebound

Dogecoin (DOGE) Trades Bearishly with Potential Rebound

Dogecoin (DOGE) is currently navigating a bearish phase, with chart patterns hinting at an impending decline before a possible rebound. Crypto analyst @CryptoJobs3 outlines this observation in a tweet, highlighting a crucial pattern and critical support levels for DOGE.

Despite the current bearish sentiment, the analyst anticipates a bullish shift in the medium term if key support zones hold firm.

Bearish Head and Shoulders Pattern Emerges

The 15-minute chart reveals a distinct Head and Shoulders pattern, indicating a potential trend reversal. This formation suggests that DOGE's recent uptrend may be concluding, leading to a price drop.

CryptoJobs3 identifies immediate support levels at $0.15800, $0.15500, $0.1500, and $0.14650, which are likely to be tested in the immediate term. The recent breakdown of the trendline that supported DOGE's upward movement further reinforces the potential bearish direction.

4-Hour Chart Indicates Wedge Breakout Retest

On the broader 4-hour timeframe, a descending wedge breakout is visible, suggesting a trend reversal. After the breakout, DOGE has entered a pullback phase, which may result in a retest of the wedge's lower boundary.

Support Levels to Monitor

With DOGE's recent overbought conditions, a corrective move is expected, targeting lower support zones. @CryptoJobs3 emphasizes the importance of monitoring $0.15800, $0.15500, $0.1500, and $0.14650 as crucial levels. Holding above the $0.1500 to $0.1465 range could attract buying interest, potentially leading to a price recovery.

Mid-Term Bullish Outlook

Despite the current bearish setup, CryptoJobs3 maintains a bullish outlook for the medium term. If DOGE holds support at the identified levels, it could trigger renewed buying pressure, paving the way for a price reversal.

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