Let me first state the conclusion:
If $DOGE fails to reach 0.1985 in a short period of time, it may fall to 0.1655.
If it can break through 0.1985, the price may touch 0.21936.
Main analysis points
Price and RSI indicator
Current Price: $DOGE is trading at $0.19284, down 1.48% in 24 hours.
RSI (Relative Strength Index): Currently around 46, just below the neutral line of 50, indicating that the market is not strongly overbought or oversold, and is slightly bearish overall. If the RSI continues to fall closer to 30, it could be an oversold signal, suggesting a potential buying opportunity.
Volume
Previous uptrends saw a significant increase in volume, but with the current downtrend, volume has also declined.
A drop in volume during a price pullback suggests that sellers may be losing momentum, a situation that could lead to a market rebound.
Moving Average (MA)
The 5-period moving average is above the 10-period moving average, which usually represents a bullish crossover in the near term. However, if the downtrend persists, a bearish crossover could occur, indicating that further declines are possible.
Support and resistance levels
Support Levels: $0.16555 is the next key support level right now.
Resistance: $0.21936 is the previous high and also acts as a resistance level, the price needs to break through this level to confirm a stronger bullish trend.
Forecast and possible trends
Bullish Scenario: If the price can find support and buyers step in, it could rally to the $0.19852 level and attempt to retest the $0.21936 resistance.
Bearish Scenario: If the selling pressure persists, the price might drop to the next support level at $0.16555.
in conclusion
Bullish Scenario: If the price finds support and buyers step in, it might attempt to retest the $0.1985 level. A breakout of this level could open the way for a retry of the recent highs of $0.21936.
Bearish Scenario: If the selling pressure increases, the price might drop to the next support around $0.16555.$DOGE
