Saad Ullah
⬤ Dogecoin just retested the top of a descending triangle on the 4-hour chart and got rejected pretty hard. The price tried to push back up to where support used to be around $0.123, but couldn't hold it. That's textbook bearish behavior—when old support becomes new resistance, it usually means the selling pressure is still in control.
⬤ The triangle itself formed over several sessions with lower highs squeezing down against that flat support line near $0.123. Once that level broke, DOGE dropped and then bounced back up to test it from underneath. But instead of breaking through, price stalled right at the apex and reversed. This kind of failed retest typically signals that the downtrend has more room to run.
⬤ Based on the triangle's height, the measured move projects a downside target around $0.11464. Recent candles show continued weakness after the rejection, and there's been no real attempt to reclaim lost ground. Until price action changes, that target remains the next logical level to watch.
⬤ This matters beyond just Dogecoin—descending triangles breaking down often trigger momentum shifts that ripple through the meme coin space. If DOGE hits that $0.11464 mark, it could weigh on sentiment across similar assets. For now, the failed retest keeps bears in the driver's seat.
Saad Ullah
