This is a public service announcement: Please be extremely cautious with $DOGE. The weekly chart is screaming danger, suggesting significant downside is imminent based purely on technical analysis.
Negative Analysis:
- Double Top Confirmed: The most critical red flag is the massive Double Top formation observed near the $0.30 region. This is a powerful bearish reversal pattern indicating that institutional selling pressure overwhelmed buyers.
- Broken Trendline: Crucially, the long-term SUPPORT TRENDLINE has been decisively broken and failed to hold. When key support structures crumble on high timeframes (1W), it signals a fundamental shift in market momentum from accumulation to distribution.
- Downward Trajectory: The breakdown targets are aggressive. The projected path shows a relentless drop, aiming for the major historical support level near $0.05311.
Warning/Conclusion:
Entering a position here is incredibly risky; you are attempting to catch a falling knife with a clear downside target established by the pattern breakdown. I strongly advise staying on the sidelines and preserving capital. Don't let cheap prices fool you.
Are you holding any coins with similar ugly charts? Share in the comments so we can all be aware!
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