Dogecoin Price At Risk Of Breakdown Below Key Support Levels

In an X post, UB stated that the Dogecoin price action isn't looking so great and hinted that the foremost meme coin is at risk of a breakdown below key support levels.

Crypto analyst UB has his eyes set on the Dogecoin price, revealing that the meme coin is at risk of a breakdown below key support levels.

Having covered the H4 retests in his analysis, UB stated that the Dogecoin price is threatening to break down from its current support level. In an X post on Sunday, the crypto analyst noted the Dogecoin price action and hinted that there is a clearer picture of levels to look for a potential bounce, following the rejection from .285. However, he added that he would consider the current price action to be range-bound until there is a break of .239 or .285.

In another X post, UB alluded to the Dogecoin price in the 4-hour timeframe, hinting that there will likely be a retest of the H4 consolidation before any potential move down. Given how pivotal the H4 level is, he added that he would be looking for weaknesses if there is some relief bounce from them.

Moreover, the crypto analyst also discussed the Dogecoin price in the one-hour timeframe. He revealed that the H4 level and H4 consolidation have been cleanly retested twice, adding that they are crucial in the lower timeframe. His accompanying chart also confirmed that DOGE is at risk of a massive decline if it breaks below the $0.24 support level. In the meantime, the meme coin is in a consolidation range between $0.24 and $0.27.

Crypto analyst Kevin Capital also had his say on the Dogecoin price, revealing that DOGE has failed to get back above the macro golden pocket and weekly bull market support band. In an X post on Saturday, the crypto analyst stated that it is time to watch Bitcoin closer, hinting that the meme coin could drop lower if BTC also declines.

On the other hand, crypto analyst Trader Tardigrade revealed that DOGE’s Relative Strength Index (RSI) in the 4-hour timeframe has reached the oversold zone. In an X post on Sunday, the crypto analyst told market participants to get ready for a short-term rebound in the Dogecoin price soon enough.

His accompanying chart showed that the meme coin could reclaim the $0.3 support level and rebound to as high as $0.36. In another X post, the crypto analyst suggested that the long-term outlook for the Dogecoin price is still bullish, stating that DOGE’s cycle pattern is repeating itself. Based on this, Trader Tardigrade asserted that Dogecoin will have another surge in value as “history echoes its rhythm.”

At the time of writing, the Dogecoin price is trading at around $0.25, up in the last 24 hours, according to data from CoinMarketCap.