Dogecoin Price Tests Panic Zone at $0.214, Breakdown May Trigger Decline

Dogecoin is facing selling pressure after losing bullish momentum from late April and early May. The price currently hovers near a critical support level at $0.214, identified as a "panic zone" by crypto analyst RLinda.

Panic Zone Under Retest

The distribution phase between May 9 and 11 ended around $0.2600, marking the end of its bullish trend.
Dogecoin is now in a correction phase, testing the $0.214 level.
A breakdown below $0.2135 could lead to increased selling pressure and further price declines.
The price action has formed a triangle pattern, with a potential downside toward $0.20 or $0.19 if the triangle's base is broken.

Resistance and Support Levels

Immediate resistance levels are $0.222 and $0.2307, which Dogecoin needs to reclaim to counter the bearish trend.
Support levels are at $0.2145 and $0.2135; a close below $0.2135 would indicate a continuation of the downtrend.
Further support is limited until $0.20126 and $0.19298.

Currently, Dogecoin trades at $0.22, up 1.72% in the past 24 hours, showing early signs of strength. Sustained momentum may lead to a bullish reversal over the coming week.