The recent performance of $DOGE has been a bit sluggish, dropping from a previous high of $0.48 all the way down to $0.3818, a decline of 5.29%. Let's take a look at the current market situation and technical analysis.
From a trend perspective, Dogecoin now feels like it's being crushed by a giant mountain, with the price of $0.3818 being the foot of the mountain, and that mountain being the EMA(99), positioned at $0.4038. For Dogecoin to turn things around, it must climb over this mountain.
Looking at the technical indicators, the MACD is currently hovering around the zero axis, showing a slight downward trend, indicating that Dogecoin is losing momentum. The RSI is below 50 across all three time frames, which also reflects a lack of strength, although it has dropped a bit, it hasn't completely collapsed yet. The trading volume has decreased as well, with everyone waiting to see how things unfold before taking action.
If Dogecoin can start to rise, the bulls will need to put in more effort to surpass the EMA(99) mountain, and the RSI must rise above 50, indicating upward momentum. The MACD needs to form a golden cross, and trading volume must increase to confirm a rebound. If it does rise, the targets will be $0.4091, $0.45, or even $0.48, but breaking through $0.48 won't be easy.
However, if Dogecoin continues to fall, caution is warranted. If the support level of $0.365 is broken, it could lead to trouble. If the RSI drops below 40, it indicates greater downward pressure. With more sellers entering the market, the price may drop to $0.35, $0.3305, or even $0.327.
In summary, Dogecoin is currently under significant pressure, and market sentiment is quite cautious. Whether it can rebound will largely depend on its ability to climb over the EMA(99) mountain.
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