Dogecoin (DOGE) price on the verge of collapse, will it continue to fall?

Jakarta, Pintu News – Dogecoin (DOGE) is currently experiencing significant selling pressure, indicating a decline in the momentum it has built up in late April and early May. Technical analysis shows that the cryptocurrency is above a very important key support level, which if exceeded, could trigger a downward trend.

Dogecoin (DOGE) Panic Zone Tested Again

According to analysis from RLinda on the TradingView platform, Dogecoin (DOGE) has entered a distribution phase between May 9th and 11th, which ended at around $0.2600. This phase marked the end of the last bullish impulse of Dogecoin (DOGE). Since then, the price has continued to decline, entering what analysts call a correction or selling phase.

Currently, Dogecoin (DOGE) is testing the $0.214 level, which is known as the panic zone. If the price breaks below this zone, specifically below the $0.2135 support, this will not only liquidate long positions but also likely increase selling pressure which could trigger an uncontrolled price drop.

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Triangle Pattern Formation and its Implications

In her analysis, RLinda pointed out that this corrective price action is characterized by the formation of a triangle pattern on the two-hour chart. If the base of this triangle breaks, it could reinforce the bearish sentiment.

This would open up opportunities for further downside targets near $0.20 and possibly even $0.19. This structure suggests that if Dogecoin (DOGE) is unable to maintain its critical support, there is a high probability of resuming the downward trend.

Dogecoin (DOGE) Resistance and Support Levels

Resistance levels to watch are currently at $0.222 and $0.2307. If Dogecoin (DOGE) can cross and consolidate above these points, especially above $0.23, this would invalidate the bearish structure and could reignite bullish sentiment. However, RLinda emphasizes that this scenario is only worth considering after clear confirmation, as the current momentum is still in favor of the sellers.

On the other hand, the $0.2145 and $0.2135 support levels are the last bastions preventing further declines. A close below $0.2135 would confirm the continuation of the downtrend and push Dogecoin (DOGE) price into a lower consolidation zone, with immediate support limited to $0.20126 and $0.19298.

Conclusion: The Future of Dogecoin (DOGE)

Currently, Dogecoin (DOGE) is trading at $0.22, up 1.72% in the last 24 hours. This small recovery shows early signs of strength that may have already shaken the bearish setup.

Although this recovery is not yet enough to confirm a bullish reversal, it shows that buyers are trying to regain control. If this momentum can be sustained into the new week, it could gradually pave the way for a more sustained move upwards for Dogecoin (DOGE) during the week.

Also Read: Will Dogecoin (DOGE) Break $0.25? Check out the Analysis!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Dogecoin Price Tests Panic Zone at $0.21, Breakdown Could Lead to Price Crash. Accessed on May 19, 2025
• Featured Image: CoinPedia