Dogecoin (DOGE) Price Analysis
The price trend of Dogecoin on the 4-hour candlestick chart shows significant adjustments over the past few weeks. After failing to reach the psychological level of $0.50, DOGE rebounded to a peak of $0.4846 on December 8, 2024.
Since then, increased market volatility has weakened the buying pressure for Dogecoin. After breaking below the 200 EMA line on the 4-hour candlestick chart, DOGE plummeted to a 24-hour low of $0.3574 as the overall market adjusted.
However, the price trend of Dogecoin indicates a lower price rejection, currently trading at $0.35962. A sudden surge in supply triggered a massive collapse, resulting in a bearish crossover between the 20 EMA line and the 200 EMA line.
Additionally, the strengthening bearish momentum of DOGE on the 4-hour chart has led to a decline in the 4-hour RSI, which has entered the oversold zone and issued a sell signal.
This limits the possibility of forming a double bottom at $0.35, as the price of Dogecoin rebounded from similar levels in November. Therefore, technical indicators suggest that the likelihood of a bullish reversal is low.
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