🚨 Will Dogecoin ($DOGE ) Price Retest $0.22 Amid Mounting Sell Signals? 📉
Dogecoin (DOGE) price is up 8% today at $0.2486 but struggles to sustain dominance over the $0.25 psychological level.
Amid such struggle, the Dogecoin technical signals warn of a quick pullback as the price action hints at a potential bearish pattern.
Is this the end of the 50% rally in Dogecoin or a minor correction before the prevailing trend resumes?
Dogecoin price jumped 9.51% in the last 20 hours, creating three consecutive bullish candles known as the triple white soldier pattern. The DOGE price rally accounts for 50% starting from the May 6 bottom at $0.1653.
As Dogecoin forms a peak at $0.2505, the meme coin price trend takes a sideways shift with a pullback $0.2245 on May 11.
The recent bounce back in DOGE now challenges the short-term resistance while warning the possibility of a second peak.
In such a case, a double top pattern will be formed in the DOGE price chart with a neckline at the $0.2245 support level.
If Dogecoin pullback breaks under $0.2245, a conclusive closing price below the support could signal a strong, steep correction.
The price target of this bearish pattern is calculated by adding the distance between neckline and top to the breakout level. This warns of a 10% drop to the next psychological support level of $0.20.
