The post Will Dogecoin Price Retest $0.22 Amid Mounting Sell Signals? appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) price trades at $0.24 today, May 12, after a modest 5% gain in 24 hours. Despite soaring by 43% in seven days, DOGE faces resistance in its attempt to break out past $0.25, as technical signals emerge to suggest the meme coin may record a pullback before the next bullish leg. If the meme coin can flip this resistance, it may skyrocket to 2025 highs above $0.40. However, is such a rally likely to happen? Dogecoin Price Warns of Double Top Reversal Dogecoin price is up by 8% in the last 20 hours, creating three consecutive bullish candles known as the triple white soldier pattern. The DOGE price rally accounts for 50% starting from the May 6 bottom at $0.1653.  As Dogecoin forms a peak at $0.2505, the meme coin price trend takes a sideways shift with a pullback $0.2245 on May 11. The recent bounce back in DOGE now challenges the short-term resistance while warning the possibility of a second peak. In such a case, a double top pattern will be formed in the DOGE price chart with a neckline at the $0.2245 support level.  If Dogecoin pullback breaks under $0.2245, a conclusive closing price below the support could signal a strong, steep correction. The price target of this bearish pattern is calculated by adding the distance between neckline and top to the breakout level. This warns of a 10% drop to the next psychological support level of $0.20. As Dogecoin struggles to surpass the previous peak at $0.2505, the Relative Strength Index (RSI) drops from the overbought zone, suggesting a declining trend momentum. This highlights a bearish divergence between RSI and Dogecoin, considered a highly bearish signal when paired with a double top. Furthermore, the MACD and signal lines merge after a bull run, suggesting a…

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Filed under: News - @ May 12, 2025 3:24 pm