The rejection of the Dogecoin price from $ 0.24 to $ 0.25 The supply area says that bears take over
After a fort show this month Who has removed the dogecoin above $ 0.20 for the first time in weeks, the same part is now flashing the first signs of weakness. To date, Dogecoin seems that this could break below the price level of $ 0.2, Having slipped 15% of Its recent local summit of 0.2581.
Retirement is an effect that results from Dogecoin, which did not allow a key supply area between $ 0,2,4009 and $ 0.25,000, which is an area that previously triggered a strong rejection in early March. Notably, A technical analysis of The action of Dogecoin prices on the TradingView platform suggests that the Bears slowly take over.
Rejection from $ 0.24 to $ 0.25 The area causes a lower swallowing scheme
Recently dogecoin faces a quick rejection In the supply area from $ 0,2,4009 to $ 0.25,000, which made the lower perspectives are starting to crawl. This rejection is highlighted by an area that the indicator of the supply and demand from Luxalgo has identified as a major liquidity group.
In particular, the action of the prices which followed on the daily stopwatch of the candlesticks after the rejection led to the creation of a engulfing lowered reason. The prices' action in this region has formed a series of downstream candles, which is a technical training which shows that the sellers regain control after the upward thrust. In addition, this is the second rejection of this level, following an attempt to break similar in March. The double rejection strengthens the force of the supply area and the lack of follow -up of the buyer greater than $ 0.24.
Aside from the lower swallowing scheme, the rejection is also followed by a clear increase in the volume of trading, which adds to the lower perspective. He also supports the idea that Dogecoin can enter a short -term correct phase.
Support levels to watch: $ 0.19 and $ 0.14
Now that a level of resistance has been identified around $ 0.25, the Dogecoin path has some paths to follow. Global perspectives are starting to bow down, at least in the short term. In this spirit, the analyst has highlighted two key support levels to keep an eye on.
The first level of assistance is $ 0.19,361. This price level served as resistance in April But returned to support During escape earlier this month. Ventilation less than 0.19361 would represent a significant technical failure and would open the door to a deeper correction.
Below, the next central area of ​​support interest is $ 0.14915. It is a high confluence request area where Dogecoin has rebounded twice in March. This level is also aligned with Luxalgo's supply and demand, which shows a high liquidity cluster around $ 0.15. If Dogecoin arrives here again, there is a top Possibility of institutional interest and a rebound.
At the time of writing the editorial staff, Dogecoin is negotiated at $ 0.2171, down 3.7% in the last 24 hours.
Felash star image, tradingView graphic
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