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Dogecoin Finds Support After Sharp Drop as Bulls Regain Momentum
The popular meme-based cryptocurrency shows resilience at $0.215 level as buyers step in following significant downtrend.
What to know:
- Dogecoin has established crucial support at $0.212-$0.217, with significant buying volume confirming this level as a key defense zone, according to CoinDesk Research's technical analysis data model.
- Technical analysis shows DOGE trapped in a descending channel with strong resistance at $0.235, where selling pressure consistently emerges.
- Recent price action formed a V-shaped reversal pattern with increased volume of over 10 million units, suggesting potential short-term relief.
Dogecoin's recent price movement shows a classic battle between bears and bulls, with the meme cryptocurrency finding stability after a significant downtrend.
The coin experienced a 9.7% drop from $0.237 to $0.214 before buyers stepped in at key support levels. This buying pressure has created what analysts describe as a "panic zone retest" around the $0.215 mark, which has so far held firm against selling pressure.
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Market structure indicates DOGE is currently navigating a falling wedge pattern, typically considered a bullish reversal formation when broken to the upside.
The Ichimoku cloud on short-term charts shows price lodged in equilibrium territory, with multiple technical indicators converging to create tight reference levels between $0.212 and $0.225.
For traders, the immediate focus remains on whether DOGE can break above the descending trendline resistance near $0.219-$0.220. A decisive move above this level could target the $0.235-$0.244 range, while failure to hold current support might see prices retreat toward $0.20 or even $0.185 in the near term.
Technical Analysis Highlights
- DOGE formed a descending channel with clear resistance at the $0.235 level, where selling pressure consistently emerged.
- A notable support zone developed around $0.215-$0.217, confirmed by increased volume during the 13:00 hour.
- V-shaped reversal pattern formed with the bottom at $0.215 around 13:14, followed by steady accumulation.
- Volume significantly increased to over 10 million units around 13:30, triggering a sharp upward movement.
- New support zone established at $0.218, with multiple high-volume candles confirming strong buying interest.
- Overall price action suggests bearish momentum with intermittent consolidation phases.
External References
- "Dogecoin Price Tests Panic Zone At $0.21, Breakdown Could Lead To Price Crash", NewsBTC, published May 19, 2025.
- "Dogecoin (DOGE) Price Prediction for May 20", Coin Edition, published May 19, 2025.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
