Doge Coin Price prediction 19-12-2024

RSI Analysis:

1. Current RSI Level: ~39.87

• RSI is below 50, indicating bearish momentum is still present, but it is not in the oversold territory (below 30).

• A slight uptick in RSI suggests a potential bounce or consolidation phase.

2. Key Observation:

• The RSI has moved away from oversold levels (~33 earlier) and is trying to recover, which might indicate weakening bearish pressure.

MACD Analysis:

1. Current MACD Status:

• The MACD line (blue) is starting to rise towards the Signal line (orange), indicating a potential bullish crossover in the near future.

• The histogram bars are becoming less negative, signaling that bearish momentum is weakening.

2. Key Observation:

• If the MACD line crosses above the Signal line, it could confirm a short-term bullish reversal.

Combined Analysis with Candlesticks:

1. Bearish Candlestick Patterns:

• Previous patterns like “Bearish Engulfing” indicate strong seller presence.

• Current price action remains below significant resistance zones.

2. Indicators Suggest:

• Bearish momentum is slowing down (MACD histogram and RSI).

• However, the market is not yet clearly bullish; RSI is below 50, and MACD hasn’t confirmed a crossover.

Prediction:

1. Bullish Scenario:

• If RSI moves above 50 and the MACD completes a bullish crossover, expect a recovery toward $0.370–$0.382.

2. Bearish Scenario:

• If RSI fails to break 50 and MACD does not confirm a bullish crossover, expect the price to retest $0.340 or lower.

Recommendation:

• For Long Entry: Wait for RSI > 50 and MACD bullish crossover confirmation.

• For Short Entry: If price fails to sustain above $0.362 and MACD remains bearish, consider shorting toward $0.340 or below.