Dogecoin (DOGE) is navigating a bearish phase, with price patterns suggesting an imminent decline before a possible rebound. Crypto analyst @CryptoJobs3 has outlined this view in a tweet, highlighting a key pattern and critical support levels for DOGE.
Although currently bearish, the analyst sees a mid-term opportunity for a bullish shift if specific support zones are maintained.
Bearish Head and Shoulders Pattern Observed
The 15-minute chart displays a distinct Head and Shoulders pattern, commonly signaling a trend reversal. This configuration suggests DOGE’s recent uptrend could be nearing its end, potentially leading to a price dip.
$DOGE – Bearish setup Overbuy area dailyNo retest of the breakoutHead & Shoulder pattern I'm bullish for the mid term but there is a time to buy & a time to sell.Lower supports that will probably be tested: 0.15800 – 0.15500 – 0.1500 – 0.14650$ and the H4… pic.twitter.com/97rHUm8L0e
— Crypto_Jobs TA & FA (@CryptoJobs3) October 31, 2024
CryptoJobs3 points out immediate support levels at $0.15800, $0.15500, $0.1500, and $0.14650, areas likely to be tested in the short term. The recent breakdown of the trend line that previously supported DOGE’s upward movement further reinforces a potential bearish direction.
According to the analyst, if DOGE dips toward these lower support levels, it may establish a foundation for future bullish momentum, which could set up a potential rebound.
4-Hour Chart Indicates Possible Wedge Breakout Retest
In the broader 4-hour timeframe, a descending wedge breakout—a setup that often implies a trend reversal—is visible. Following the breakout, DOGE has entered a pullback phase, which could lead to a retest of the wedge’s lower boundary.
DOGE 4-hour price chart, Source: CryptoJobs3
This retest zone is identified as $0.1500 to $0.1465, where the analyst anticipates support. Holding above this range may offer DOGE a chance to build bullish momentum.
The tweet emphasizes that DOGE’s price has reached an overbought area on the daily chart, reinforcing the probability of a correction toward lower support levels. The analyst’s forecast aligns with DOGE’s current chart structures, where a drop to these key levels could pave the way for a possible rebound.
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Support Levels to Watch Amid Overbought Conditions
With DOGE’s recent overbought conditions, a corrective move is likely, targeting lower support zones. @CryptoJobs3 has pinpointed $0.15800, $0.15500, $0.1500, and $0.14650 as pivotal levels to monitor. Should DOGE hold above the $0.1500 to $0.1465 range, it might attract buying interest, potentially leading to a price recovery.
CryptoJobs3 has expressed a mid-term bullish outlook despite the current bearish setup. If DOGE maintains support at the identified levels, it could catalyze renewed buying pressure, positioning the asset for a mid-term price reversal.
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The post Dogecoin (DOGE) Price Charts a Bearish Path: Analyst Predicts Potential Rebound appeared first on CaptainAltcoin.
