Is Dogecoin’s Fate Sealed by a Double Top? 🚀👇

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Amidst the cacophony of technical indicators, the fate of Dogecoin hangs by a thread. An analyst, known to the world as ‘MelikaTrader94,’ has cast a shadow over the meme coin, projecting a decline to $0.2. This bearish forecast, marked by a Double Top pattern, could spell the end for Dogecoin, as it faces mounting pressure this quarter. 🌪️

Double Top Pattern Signals Dogecoin Price Crash

According to ‘MelikaTrader94,’ the Dogecoin price is showing ominous signs of bearish momentum. The chart reveals a Double Top pattern, an M-shaped formation where the price reaches a high point twice, with a slight dip in between. This pattern is a harbinger of further declines, as the cryptocurrency breaks below the neckline, confirming a bearish continuation. 📉

The analyst also points to the Relative Strength Indicator (RSI) at the bottom of the chart, which shows a bearish divergence. While Dogecoin’s price made a higher high, its RSI made a lower high, signaling weakening momentum. This trend suggests that buying pressure is waning, and a price correction may be imminent. 📊

As a result, the analyst predicts that DOGE could drop to two support levels. The first is a temporary support zone (S1) at $0.22, where a slight price bounce might occur. The next bearish target is the $0.176 to $0.18 support level (S2). If Dogecoin crashes to this target, it could act as a strong support zone where buyers may step in, and prices stabilize before a potential reversal. 📈

The analyst warns that if DOGE fails to hold S1, it will likely drop to S2, completing the Double Top pattern. If the meme coin holds on to S2, a potential bullish recovery could be in store. Nevertheless, the analyst confirms that DOGE’s price action remains under pressure, with its bearish trend increasingly dominant. 😬

DOGE Price Rebound Incoming? 

The Dogecoin price is currently in a severe downtrend, trading at $0.25 after a 32% decline in the past month. Contrary to investors’ hopes, Dogecoin has continued to plummet, dropping by over 4% in the past 24 hours and another 5.5% over the past week. 📉

However, crypto analyst Ali Martinez offers a glimmer of hope. Martinez suggests that Dogecoin may be gearing up for a significant price rebound. The Dogecoin TD Sequential has flashed a buy signal on its 4-hour chart, hinting at a potential bullish turnaround. 🚀

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2025-02-19 08:12