Dogecoin price rejects $0.24-$0.25 Supply area says bear is taking over

After being strong Showcase earlier this month This has brought Dogecoin back $0.20 for the first time in a few weeks, and the meme coin is now Early signs of flashing. As of today, Dogecoin may look like it will be below the $0.2 price level again, Slide 15% from it Its closest local high is 0.2581.

The retreat was the result of Dogecoin’s failure to break through the key supply zone between $0.24,009 and $0.25,000, an area that previously triggered a strong rejection in early March. especially, Technical Analysis Dogecoin’s price action on the TradingView platform shows that the bear is slowly taking over.

Rejecting the $0.24 to $0.25 area leads to bearish pherophy

Dogecoin recent Facing quick rejection In the supply area of ​​$0.24009 to $0.25000, this creates a bearish outlook.

It is worth noting that the price action of the daily candlestick time range chart after rejection led to the creation of a bearish swallowing pattern. Price action in the region forms a series of bearish candles, a technical form that shows that sellers regain control after bullishness. Additionally, this is the second rejection at that level after a similarly failed breakthrough attempt in March. The double rejection strengthens the supply area and lacks buyers above $0.24.

In addition to the bearish swallowing pattern, rejection also significantly increases trading volume, which increases bearish outlook. It also supports the notion that Dogecoin may enter a correction phase in the short term.

Support levels for viewing: $0.19 and $0.14

Now that the resistance level of about $0.25 has been determined, there are several paths to the Dogecoin path. At least in the short term, the overall outlook begins to tilt bearish. With this in mind, analysts highlighted two key levels of support to keep a close eye on it.

The first support level is $0.19361. This price level becomes resistance in April But flip to support In the breakout earlier this month. Failures below $0.19361 will represent a significant technical failure and open the door to deeper corrections.

Below this, the next central area supporting the interest is $0.14915. This is a high-conflict demand area, with Dogecoin rebounding twice in March. This level is also consistent with Luxalgo’s supply and demand, which has a liquidity cluster of around $0.15. If Dogecoin does get here again, there is a high Possibility of institutional interests and bounce.

At the time of writing, Dogecoin is trading at $0.2171, down 3.7% over the past 24 hours.

Featured images from Unsplash, charts for TradingView

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