📊 DOGS asset analysis 🐕🦺🐶 $DOGS
On the asset chart #DOGS we see the formation of a descending channel 📉, which began after a powerful impulse price growth at the end of August. The fall was accompanied by a sharp decrease in trading volumes, which may indicate a temporary weakening of investor interest.
Key technical levels:
Resistance: The $0.0016747 zone 📍 remains an important mark that has confirmed its value as a resistance level several times. A break above could signal the start of a new upward impulse 🚀.
Support: The area between $0.0009441 and $0.0009839 🛡 is a support zone. The price bounces off this level for a few days, which confirms its importance.
Indicator:
The Ichimoku indicator shows that the price is below the cloud, which confirms the dominant downward trend. However, we see a slight sideways price movement near the support, which may indicate a possible consolidation.
Bollinger Bands are showing compression, indicating that volatility is decreasing and a significant move may be coming. When the bands are narrowing, it often signals a potential wave of volatility in the near future 🌀.
The parabolic SAR shows a bearish trend 🐻, however, a move closer to the resistance level may indicate a potential change in momentum.
Conclusion: At this stage, the #DOGS #DOGS asset is in the consolidation phase within the descending channel. Buyers need to break through the upper edge of the channel to change the dynamics to the bullish side. In the coming days, it is important to monitor the reaction to the resistance level of $0.0016747 and support around $0.0009441. In case of going beyond these levels, a clearer direction of price movement can be expected.