- Dogecoin is holding slightly above $0.214, a level that, if lost, could lead to further decline.
- If Dogecoin falls below $0.2135, the price could crash down to $0.20 or $0.19.
- The price needs to move above $0.222 and $0.2307 to break out of the current downtrend.
Dogecoin is showing signs of weakness as it sits just above a key price level that could trigger a further fall. The coin has lost most of the strength it built in late April and early May. After briefly pushing higher earlier this month, Dogecoin started to retreat, and now it’s under pressure again.
According to RLinda, a crypto analyst on TradingView, Dogecoin is testing a crucial level at $0.214. She called it a “retest of the panic zone.” If the price closes below this level, especially beneath $0.2135, a stronger downtrend could follow. That would clear out long positions and invite more sellers into the market.
The last bullish stretch ended between May 9 and 11, when the price touched the $0.26 area. RLinda described that range as the final part of a distribution phase. Since then, the coin has formed lower highs, showing signs of a correction phase. This pattern has formed a triangle on the 2-hour chart, a common sign of weakening momentum.
Support and Resistance Levels Under Pressure
If the triangle structure breaks down, RLinda believes this could confirm stronger bearish sentiment. She warns this would open the door to deeper targets around $0.20, and even down to $0.19 if the pressure continues.
On the other hand, Dogecoin needs to reclaim resistance levels at $0.222 and $0.2307 to avoid this setup. Holding above $0.23, with consistent price action, could cancel out the current bearish tone.
Without that recovery, the downside remains open. The $0.2145 and $0.2135 levels are the final key supports preventing further declines. A close below $0.2135 would likely push the price into a lower trading zone, with limited support until around $0.20126 or $0.19298. The next few sessions could decide the direction.
Not all analysts are bearish. Another market watcher, Henry, sees a familiar pattern forming: accumulation, breakout, and then re-accumulation. He argues that if Dogecoin can stay above $0.22, a run toward $0.28 is possible. Henry also pointed to the daily chart where the MACD has flipped bullish again—similar to what happened before earlier rallies.
Signs of Buyer Strength Emerge
At the moment, the meme coin is hovering around $0.22, showing a slight gain of just over 1% in the past day. This small rise isn’t enough to call it a bullish reversal, but it shows that buyers are not completely out of the picture. If this trend holds, there may be a stronger attempt at recovery.
Still, the situation remains fragile. The coin is walking a thin line. A firm bounce from this area could revive bullish hopes, but a slip below could open the gates for further losses. RLinda made it clear that without a confirmed move above resistance, the trend is still tilted toward sellers.
While the broader sentiment is cautious, price action around $0.22 will likely shape the near-term outcome. For now, Dogecoin traders are watching that zone closely, waiting for the market to make its next move.
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