DOGE → Retest of the panic zone. One step away from a downtrend
DOGEUSDT.P is facing selling pressure. After distribution (pump), the price enters a correction phase (dump) and storms the panic zone, a breakout of which could intensify an uncontrolled decline.DOGEUSDT squandered all the potential accumulated in late April and early May. The distribution ended in the 0.2600 zone, after which the coin entered a correction phase. At the moment, the coin is testing the panic zone of 0.21400
All attention is on the base of the triangle at 0.21400. This is the panic zone. When the support breaks, buyers will be liquidated, and sellers may increase sales, which could trigger a bearish momentum.
Resistance levels: 0.222, 0.2307
Support levels: 0.2145, 0.2135
The main idea is a continuation of the decline. The trigger is a breakdown of support at 0.2135 and consolidation of the price below this zone, only in this case will the price continue to fall.
!!! The structure will be broken if the price reverses and consolidates above 0.222 and confirms the bullish sentiment with price consolidation above 0.23, in which case we will again consider growth.
Best regards, R. Linda!
Trade closed: stop reached
False breakdown and break of the structure.Reasons why I expected a decline:
A weak DOGE market, pressure on the price, compression before support, and consolidation with low volatility. That is, a breakout of 0.2135 should ideally have been accompanied by liquidation.
This picture was broken by Bitcoin, which at the time of writing this analysis was also ready to move down to the areas of interest indicated in the Bitcoin idea.
However, some factors influenced the price and the flagship began to rise, pulling all altcoins with it.
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
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