DOGS Price Dips Near Critical Support: What Traders Should Watch Next
$DOGS has been exhibiting a downward trend over the last several 4-hour sessions, with closing prices declining steadily from $0.0009627 to $0.0009397. This sustained decline suggests bearish pressure in the market, as evidenced by multiple technical indicators on the 4-hour chart that lean toward further downside movement. However, recent price actions have brought DOGS closer to a key support level at $0.0009466, which could provide a temporary pause to the current downtrend.
The exponential moving averages (EMAs) on the chart signal a strong bearish trend. Both the 9 EMA and 20 EMA are sloping downwards, with the 9 EMA at $0.000978 and the 20 EMA at $0.001012, indicating that the shorter-term momentum is weaker than the longer-term momentum. This typically suggests that any rallies might be short-lived unless there is a significant bullish catalyst. If #DOGS fails to reclaim the 9 EMA, the likelihood of further downside increases, especially as sellers maintain control.
Looking at the Moving Average Convergence Divergence (MACD), the MACD line remains below the signal line, reinforcing the bearish outlook. The MACD histogram continues to show deep negative readings, which suggests that selling momentum could persist for some time. Although the histogram is starting to shrink, indicating a potential slowing in downward momentum, a reversal isnât yet confirmed. Traders looking for bullish opportunities may want to wait for the MACD to cross above the signal line as a potential buy signal.
Key levels to watch include resistance at $0.0010667, $0.0010928, and $0.0011102. If the DOGS price can break above the immediate resistance of $0.000955, it may make a run toward $0.0010667. However, failure to maintain this level could see a retest of the critical support at $0.0009466. A break below this support could open the door to further downside movement. #Memecoins #altcoins The full analysis and trade strategy were posted on www.ecoinimist.com.