Will spring come for $DOGE ?
Recently, the price trend of DOGE has shown significant changes. After reaching a high of 0.42 the day before yesterday, it has entered a correction phase.
In terms of market correlation, despite Bitcoin making new highs, DOGE has not benefited from this. Instead, each time Bitcoin experiences a pullback, DOGE has seen a corresponding decline. This phenomenon indicates that DOGE currently lacks the momentum for independent upward movement in the market environment and its correlation with Bitcoin is more reflected in following the downward trend.
Taking the current market pattern as an example, if Bitcoin only shows a pullback of a thousand points from its high, based on past correlated trends, the price of DOGE is very likely to slide towards the level of 0.36. This prediction is not unfounded, but rather a reasonable inference drawn from multiple factors.
From a technical analysis perspective, the four-hour K-line chart presents key information. DOGE has strongly broken through the middle band of the Bollinger Bands, and the trajectory of the technical indicators indicates a strong trend towards further testing the lower band of the Bollinger Bands. Meanwhile, the MACD energy bars clearly show that bearish strength is continuously increasing, and this series of technical signals undoubtedly indicates that bearish forces dominate the current market.
The focus remains on short positions, with an expected target price set around 0.365.
