Technical Analysis DOGS/USDT 🐶$DOGS
The 6-hour chart shows that DOGS/USDT has been in a downtrend since late August. The main price action is developing within a descending channel, indicating continued pressure from sellers. Let's look at the key technical indicators:
Moving Averages (SMA):
The short-term (7 SMA) at 0.0006587 is still above the current price, confirming the short-term weakness of the bulls.
The long-term (99 SMA) at 0.0009249 is significantly below the current rate, confirming the downtrend over a longer period.
The Parabolic SAR indicator is also above the price, supporting sell signals and indicating a steady downtrend.
Ishimoku:
The Tenkan-sen line (short-term) at 0.0006972 is above the current price, indicating strong resistance from above.
The Kumo lines (clouds) have long since given a bearish signal, and the price cannot break through the clouds, confirming the persistent pressure from sellers.
Bollinger Bands:
The price is closer to the lower border of the Bollinger Bands (0.0005925), which may indicate that the asset is oversold. However, the lack of confident demand from buyers may lead to a further decline.
Volumes:
The current volume at 22.947B indicates relatively weak activity in the market, which may signal possible indecision among traders and a lack of strong interest in buying.
Recommendations:
The current situation on the DOGS/USDT market remains under pressure from bears 🐻. A breakout of the upper boundary of the descending channel and an increase in volumes are required to confirm a possible reversal. Otherwise, a continued decline may lead to a test of support at 0.0006183. Traders should be careful when opening long positions and wait for more confident buy signals, such as a bullish reversal on indicators or an increase in volumes.🐶📉#cryptousdua