Dogecoin Price Eyes $0.13978 as Head and Shoulders Pattern Forms

Source: CryptoNewsNet Original Title: Dogecoin Price Eyes $0.13978 as Head and Shoulders Pattern Forms Original Link:

Price Action Overview

Dogecoin price traded in a volatile but mostly range-bound pattern, oscillating between roughly $0.139 and $0.143 before facing a sharp late-session pullback. The breakdown from the upper range signaled weakening momentum, with sellers briefly pushing the price toward the lower support zone near $0.139. A modest rebound toward $0.140 suggests short-term stabilization, but bullish strength remains limited unless DOGE reclaims the $0.142–$0.143 resistance area.

As of this writing, the Dogecoin price is exchanging hands at around $0.1430 with a 24-hour gain of 0.28%.

Dogecoin Forms Head and Shoulders Pattern

According to Trader Tardigrade, Dogecoin’s 4-hour chart is carving out a classic Head and Shoulders formation, a structure that often signals a potential trend reversal after an extended move higher. The pattern is clearly defined, with the left shoulder and right shoulder forming below the head, while price action has gradually weakened after the peak. This setup reflects fading bullish momentum, as buyers are no longer able to push DOGE to new highs with the same conviction seen earlier in the move.

The neckline around $0.13978 is highlighted as a short-term critical level to monitor. Trader Tardigrade notes that this area has already acted as key support, and sustained trading below it would increase the likelihood of further downside continuation. Conversely, if buyers manage to defend this level and reclaim higher ground, it could delay or invalidate the bearish scenario, making price behavior around the neckline decisive for Dogecoin’s near-term direction.

Dogecoin Price Faces Short-Term Correction

From the Dogecoin 4-hour chart, price action shows a period of sideways consolidation with minor fluctuations around the $0.140–$0.142 range. After a recent upward move earlier, DOGE has encountered resistance near $0.142 and is now slightly retreating, suggesting weakening bullish momentum. The formation hints at a potential short-term correction or consolidation phase, with the market awaiting a decisive breakout or breakdown to establish the next trend direction.

Looking at the indicators, the MACD (Moving Average Convergence Divergence) shows a bearish crossover as the MACD line (blue) dips below the signal line (orange), with the histogram in negative territory, indicating that downward momentum is strengthening. Meanwhile, the Chaikin Money Flow (CMF) has dropped to -0.14, reflecting net selling pressure and a reduction in capital inflow into DOGE.