The Dogecoin price is threatening a breakdown from its current support level, having been through two H4 retests. Crypto analyst UB revealed what to watch out for as the foremost meme coin continues to be range-bound in the short term.
Dogecoin Price At Risk Of Breakdown Below Key Support Levels
In an X post, UB stated that the Dogecoin price action isn’t looking so great and hinted that the foremost meme coin is at risk of a breakdown below key support levels. He noted that with the rejection from .285, there is a clearer picture of levels to look for a potential bounce. However, the analyst added that he would consider the current price action to be range-bound until there is a break of .239 or .285.
The analyst further alluded to the Dogecoin price action in the 4-hour timeframe. He hinted that there will likely be a retest of the H4 consolidation before any potential move down. UB added that, given how pivotal the H4 level is, he would look for weaknesses if there is some relief bounce from them.
UB also discussed the Dogecoin price in the one-hour timeframe. He revealed that the H4 level and H4 consolidation have been cleanly retested twice. His accompanying chart also confirmed that DOGE is at risk of massive decline if it breaks below the $0.24 support level. In the meantime, the foremost meme coin is in a consolidation range between $0.24 and $0.27.
Crypto analyst Kevin Capital also suggested that the Dogecoin price was at risk of a breakdown. In an X post, he revealed that DOGE has failed to get back above the macro golden pocket and weekly bull market support band. The analyst added that it is time to watch Bitcoin closer, hinting that the meme coin could drop lower if BTC also declines.
Why A DOGE Rebound Could Happen Soon Enough
In an X post, crypto analyst Trader Tardigrade revealed that DOGE’s Relative Strength Index (RSI) in the 4-hour timeframe has reached the oversold zone. As such, he told market participants to get ready for a short-term rebound in the Dogecoin price soon enough. His accompanying chart showed that the foremost meme coin could reclaim the $0.3 support level and rebound to as high as $0.36.
Meanwhile, in another X post, the analyst suggested that the long-term outlook for the Dogecoin price is still bullish. He stated that DOGE’s cycle pattern is repeating itself. Based on this, Trader Tardigrade asserted that Dogecoin will have another surge in value as “history echoes its rhythm.”
At the time of writing, the Dogecoin price is trading at around $0.25, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
