#dogecoin Dogecoin price threatens to collapse from current support level, after undergoing two H4 tests. Cryptocurrency expert UB reveals what to watch as cryptocurrency continues

In a post by X, UB emphasized that Dogecoin’s price is not looking good and hinted that the major meme coin is vulnerable to a breakdown below key support levels. He noted that with the rejection from .285, there is a clearer picture of where to look for a potential bounce. However, the analyst added that he would currently consider the price action to be unstable until .239 or .285 is broken.

Dogecoin price entered the consolidation zone after the market bounced with focus on $3. The analyst also noted Dogecoin price action on the 4-hour timeframe. He hinted that the consolidation could be tested on the H4 timeframe before any potential move lower. UB added that given how important the H4 level is, he would look for weakness if there is some bounce from it.

DOGE Watching a Breakdown to Support Levels | Source: UB on XUB also talked about the Dogecoin price on the 1-hour timeframe. He revealed that the H4 level and H4 consolidation were tested cleanly twice. The accompanying chart also confirmed that DOGE is vulnerable to a massive drop if it breaks the $0.24 support level. Meanwhile, the leading puppet coin is in a consolidation range between $0.24 and $0.27 $BTC

Cryptocurrency analyst Kevin Capital also suggested that the Doge price was vulnerable to a shakeout. In a post on X, he revealed that DOGE failed to return above the macro golden pocket and the weekly support market breakout. The analyst added that it is time to keep a close eye on BitCoin, noting that MEME could fall if BTC also drops.

Why could a DOGE bounce happen soon enough?

In a blog post, crypto analyst Trader Tardigrade revealed that DOGE’s Relative Strength Index (RSI) on the 4-hour timeframe has reached the oversold zone. Accordingly, he told market participants to brace for a short-term rebound in Doge price soon enough. An accompanying chart showed that the leading MEME coin could reclaim the $0.3 support level and rebound to as high as $36.

At the time of writing, Dogecoin is trading around $0.25, up over the past 24 hours, according to data from CoinMarketCap.

DOGE at $0.25 on 1-day chart | Source: DOGEUSDT on Tradingview.comFeatured image by Adobe Stock, chart by Tradingview.com