Dogecoin price needs another Elon Musk endorsement to avoid 50% crash

• Dogecoin seems to be forming a head-and-shoulders pattern on its daily chart.
• A decisive daily candlestick close below the $0.29 support level could see DOGE drop by more than 50%.
• Only a break of the $0.40 resistance could save the meme-coin from the bearish outlook. 

Dogecoin price seems to be trading on top of weak support, looking for buying pressure to rise. 

Dogecoin price prime to retrace

In the following video, FXStreet’s analysts evaluate where Dogecoin price could be heading next as DOGE forms a reversal pattern.