Dogecoin (DOGE) Analysis: Double Top Signals Bearish Move
hello guys!
Double Top Formation:
The chart clearly shows a double-top pattern, which is a strong bearish reversal signal.
The break below the neckline confirms the downtrend continuation.
Bearish Divergence on RSI:
The RSI showed divergence, meaning the price made a higher high, but the RSI made a lower high.
This signals weakening momentum and a likely correction.
Support Levels (S1 & S2):
S1 (around $0.22) might provide temporary relief, but the main target is lower.
S2 ($0.176 - $0.18) aligns with the double top target, making it a critical support zone.
Potential Price Scenarios:
If DOGE fails to hold at S1, the price may drop to S2, completing the pattern.
A strong rebound from S2 could trigger a bullish recovery.
Conclusion:
The double top breakdown suggests further downside toward $0.176 - $0.18, which could act as a strong support level. Until a clear reversal signal appears, the bearish trend remains dominant. Traders should watch these levels closely! 🚨📉
Double Top Formation:
The chart clearly shows a double-top pattern, which is a strong bearish reversal signal.
The break below the neckline confirms the downtrend continuation.
Bearish Divergence on RSI:
The RSI showed divergence, meaning the price made a higher high, but the RSI made a lower high.
This signals weakening momentum and a likely correction.
Support Levels (S1 & S2):
S1 (around $0.22) might provide temporary relief, but the main target is lower.
S2 ($0.176 - $0.18) aligns with the double top target, making it a critical support zone.
Potential Price Scenarios:
If DOGE fails to hold at S1, the price may drop to S2, completing the pattern.
A strong rebound from S2 could trigger a bullish recovery.
Conclusion:
The double top breakdown suggests further downside toward $0.176 - $0.18, which could act as a strong support level. Until a clear reversal signal appears, the bearish trend remains dominant. Traders should watch these levels closely! 🚨📉
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S1 is running
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.