$DOGS /USDT pair is currently trading at $0.0008523, showing a slight decline of 0.59% in the recent period. Analysis of the updated chart reveals:
Persistent Downtrend: Since September 15th, #DOGS has maintained a clear downtrend, falling from highs above $0.0011423 to current levels around $0.00085.
Recent Bottom: The price touched a low of $0.0007956 on September 23rd, potentially forming a short-term bottom.
EMA Alignment: The 6, 12, and 20 EMAs (at 0.0008512, 0.0008531, and 0.0008610 respectively) remain tightly grouped and sloping downwards, indicating bearish short-term sentiment.
RSI Developments: Updated RSI readings (RSI1: 41.2921, RSI2: 62.7393, RSI3: 33.3333) show improvement, particularly RSI2 moving into bullish territory, suggesting potential momentum shift.
Consolidation Phase: Recent price action shows small candles forming a tight range above the September 23rd low, indicating a possible consolidation or base-building phase.
Key levels to watch:
Resistance: Immediate resistance at the EMA cluster around $0.00086, with further resistance at $0.0009 and $0.00095 based on previous price action.
Support: Strong support established at the recent low of $0.0007956.
Short-term outlook:
Bullish scenario: A breakout above the EMA cluster could signal a trend reversal, with potential targets at $0.0009 and $0.00095.
Bearish scenario: Failure to break above EMAs and a drop below $0.0007956 could lead to further downside, possibly testing $0.00075.
Traders should watch for increased volume to confirm any breakout direction and consider the broader market sentiment affecting small-cap tokens like DOGS.
