Detailed analysis of the asset $DOGS $NOT $IDEX
🐕The hourly chart of the #DOGS/USDT asset shows significant price movement within the descending channel. The entire period from August 27 to September 2, 2024 is characterized by a predominance of bearish sentiment, which is confirmed by a number of technical indicators.
Technical analysis:
Moving Averages (MA):
The short-term moving averages (MA 7 and MA 25) have crossed MA 99 from above, confirming the downtrend. This indicates that in the short term, the price continues to decline and is likely to follow a downtrend.
Bollinger Bands (BB):
Bollinger Bands are narrowing, indicating a possible decrease in volatility. The upper and lower boundaries of the bands are also moving down, which supports bearish sentiment in the market.
Ishimoku indicator:
The chart is below the Ichimoku cloud, which is a bearish signal. The Chinkou Span line (green line) is also below the price chart, which confirms the downward trend. The Tenkan-sen and Kijun-sen lines have crossed from top to bottom, which also indicates a continuation of the downward movement.
SAR indicator (Parabolic):
The SAR dots are located above the current price, which signals that the bearish trend is still in force. This indicates a potential continuation of the asset's price decline in the short term.
Descending channel:
Since the start of the downtrend on August 27, the price has been trading within a descending channel. The descending channel is formed by lower highs and lower lows, which indicates a steady decline in the price of the#DOGSasset.
Trading volume:
Trading volume over the last few hours has shown a sharp decline, indicating that interest in the asset at the current price level is waning. This could mean that the current downtrend could continue until significant buying volumes emerge.
Conclusion:
Technical indicators analysis shows that DOGS is in a steady downtrend. With low volume and bearish signals prevalent, the short-term outlook for DOGS remains negative 🐕.
Traders are advised to exercise caution and consider short positions if further declines are confirmed. However, it is worth paying attention to possible reversal signals that may occur when support is reached and buying volumes increase.🐶📉
