Dogecoin Price Alert: Indicators Point to Continued Bearish Trend
The recent performance of the #Dogecoin price on the 4-hour chart reveals some interesting insights. The closing prices over the last five periods indicate a slight bearish tendency with a general downward drift.
The 9 Exponential Moving Average (EMA) values show a gradual decline. Similarly, the 20 EMA values also indicate a downward trend. The fact that the shorter EMA is below the longer EMA and both are falling suggests a bearish outlook in the short to medium term.
The Moving Average Convergence Divergence (MACD) values and the signal line values both exhibit a downward trajectory, with the MACD histogram reflecting negative values. This indicates sustained selling pressure. Meanwhile, the histogram's values could indicate that the bearish momentum is slightly waning but remains predominant.
The Relative Strength Index (RSI) values indicate that $DOGE is neither overbought nor oversold, hovering around the neutral zone but closer to the lower bound. Traders might see this as a signal of potential bearishness.
Support Levels: The immediate support levels are found at $0.15842, $0.15776, and $0.15746. Should the price break below these supports, further downside can be expected.
Resistance Levels: The key resistance levels are identified at $0.1612, $0.16324, and $0.16327. If the price manages to break above these levels, it might invalidate the bearish outlook and could signal a potential trend reversal. #DOGE #MemeWatch2024 #altcoins #BullorBear
The full analysis and trade strategy were originally posted on ecoinimist.com.