Dogecoin Price Closes Daily Candle With Lower Wick, Why Another Crash Could Be Coming

Dogecoin’s price action has been under intense pressure after another support level at $0.175 failed to hold, leading to a decline toward a crucial zone. The latest daily candle closed with a lower wick after a rebound from the $0.143 level, but technical analysis of the Dogecoin price warns that there may still be more volatility. 

Despite a temporary rebound in the past 24 hours from $0.143, there are lingering risks of another downturn. Notably, crypto analyst Trader Tardigrade noted in an analysis that there’s still more work to be done for Dogecoin price reversal to occur. 

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Price Rejection At $0.143: Temporary Rebound Or Weak Recovery?

Crypto analyst Trader Tardigrade highlighted Dogecoin’s interaction with the $0.143 support level, noting that the daily candle formed a lower wick at $0.14297 before bouncing. This development suggests that buyers stepped in at this price level to prevent more breakdown. However, Tardigrade cautioned that this price rejection alone is not a confirmation of a sustained recovery. The market could still see further tests of this level, potentially with an eventual brief breakdown before any meaningful uptrend can take place.

The recent decline follows an earlier warning from Tardigrade, who had identified $0.143 and $0.128 as reversal levels after Dogecoin closed below $0.175. Once that support was lost, sellers gained control and pushed the price downward. Although Dogecoin has managed to hold $0.143 for now, the market sentiment remains fragile in fear zone, and it is yet to be clear whether the latest bounce has enough strength to lead to a reversal or if more downside is ahead in the coming days.

More Dogecoin Price Manipulation Before A Real Reversal?

Dogecoin has been caught in a persistent downtrend over the past two weeks, mirroring the broader weakness seen across the crypto market. This sustained decline has resulted in the leading meme coin losing multiple key support levels in rapid succession, essentially erasing the bulk of its price gains in the final quarter of 2024.  

Investors are currently rolling back on their investments in DOGE, even though it has become known as the choice for retail investors compared to Bitcoin and other large-market cap cryptocurrencies. According to on-chain data, investor sentiment around Dogecoin is at its most negative level of -0.93 in over a year.

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Tardigrade’s analysis suggests that Dogecoin could still experience price manipulation in the form of a brief dip below $0.143 before recovering. “Price rejection is only the first early sign of reversal. We still need to monitor the price action,” he said. 

This outlook looks similar to that of another crypto analyst who noted that Dogecoin might reach as low as $0.12 in the current downtrend before undergoing any major bullish reversal.

At the time of writing, DOGE is trading at $0.1702, fluctuating within a tight range between $0.1624 and $0.1726 over the past 24 hours.

Featured image from iStock, chart from Tradingview.com

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