Dogecoin bulls envy Shiba Inu's rally as $0.275 resistance holds strong

Dogecoin price received intense selling pressure on Sunday has generated some jitters among Dogecoin bulls.
Dogecoin killer Shiba Inu price action is the envy of Dogecoin traders who look to capitalize on its cousin’s recent performance.
Dogecoin falls below the final two support levels, but buyers return above that support.

Dogecoin price may have triggered some fears of a resumption of some intense selling pressure after closing nearly -8% lower on Sunday. Those fears were easily justified given that the Sunday close was below the last primary support levels on the daily Ichimoku chart.

Dogecoin price closes below $0.232, but bulls regain that price level and must now hold it as support

Dogecoin price has one primary support level remaining on the daily Ichimoku chart at $0.232 – which contains the 38.2% Fibonacci retracement and Kijun-Sen. The overall structure presently developing is a bull flag, which is a bullish continuation pattern.

DOGE/USDT Ichimoku Daily Chart

A significant number of short-sellers targeted the break below the Kijun-Sen on Sunday and are now likely to become trapped as Dogecoin approaches $0.245. Bulls will be looking for a close above the Sunday high of $0.2487 to initiate a breakout of the bull flag. A significant rally could occur as a close above $0.245 would position the Chikou Span above the candlesticks.

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