Price analysis DOGE/USDT

[Trumpet]

Dogecoin’s (DOGE) rebound off the neckline of the head and shoulders pattern turned down from the 20-day EMA ($0.34) on June 10, suggesting that bears are selling on every minor relief rally.


DOGE/USDT daily chart. Source: TradingView
If bears sink the price below the neckline, it will complete the bearish head and shoulders pattern that could result in a drop to $0.21. The bulls are likely to defend this support aggressively.

If the price rebounds strongly off this level, the DOGE/USDT could retest the neckline. If the price turns down from this resistance, the possibility of a break below $0.21 increases. That could result in a drop to $0.10.

This negative view will invalidate if the price rebounds off the current level and rises above the moving averages. That could open the gates for a rally to $0.47.source