Crypto analysts are sounding the alarm on Dogecoin as a classic chart pattern, known for predicting bearish trends, has emerged. Technical analyst Josh Olszewicz, @CarpeNoctom, flagged a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart on X, hinting at a possible significant price drop if the pattern validates.
The H&S pattern is a technical indicator traditionally viewed as a bearish signal within the trading community. The pattern is composed of three peaks, with the central peak (the head) being the highest and the two outside peaks (the shoulders) being lower and approximately equal in height. The line connecting the lowest points of the two troughs (the neckline) can be horizontal or sloped and represents a critical support level.
Dogecoin Must Hold $0.14
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