DOGEUSDT IN THE DANGER ZONE - SELLERS IN CONTROL?Symbol - DOGEUSDT
DOGEUSDT is encountering sustained selling pressure. Following a distribution phase characterized by a sharp upward move, the price has entered a correction phase and is now approaching a critical support area - often referred to as the 'panic zone'. A decisive breakdown below this level could accelerate the decline and trigger a more pronounced bearish trend.
DOGEUSDT has effectively relinquished the upward momentum accumulated during late April and early May. The distribution phase concluded around the 0.2600 level, after which the coin transitioned into a corrective decline. At present, DOGEUSDT is testing the pivotal support zone near 0.2140.
The focal point now is the base of the triangle formation near 0.2140 - a critical zone of support. A breakdown below this level would likely result in the liquidation of long positions and may prompt increased selling activity, thereby fueling bearish momentum.
Resistance levels: 0.2220, 0.2307
Support levels: 0.2145, 0.2135
The prevailing scenario anticipates a continuation of the downward trend. The primary trigger for further decline would be a confirmed breakdown below the 0.2135 support level, accompanied by price consolidation beneath this threshold.
Important Note: This bearish outlook would be invalidated if the price reverses and establishes sustained consolidation above 0.2220, A confirmed move above 0.2300 would strengthen bullish sentiment, at which point a renewed upward outlook would be considered.
