#doge⚡ #DOGE RSI: The RSI(6) is at 25.26, indicating the asset is approaching oversold conditions. RSI(12) and RSI(24) also suggest weakening momentum.
5. Stochastic Oscillator (K, D, J): All three values are very low, suggesting a highly oversold condition that might lead to a bounce in price.
6. Wm %R: The value is at -91.12, confirming the oversold nature of the market.
Possible Scenarios:
1. Bullish Rebound (Short-term)
• The oversold RSI, Wm %R, and Stochastic Oscillator suggest that the price might attempt a short-term rebound.
• Resistance levels to watch for a reversal:
• 0.38-0.39 (immediate short-term resistance)
• 0.415-0.42 (medium-term resistance if momentum strengthens)
2. Continuation of Downtrend
• If the selling pressure persists, the price could test lower support levels:
• 0.36 (previous low and psychological level)
• 0.35 (stronger support)
3. Consolidation
• The market may stabilize around 0.36-0.38 as traders decide the next directional move. Look for reduced volatility and tighter price movement.