$DOGE 's spring will come?
Recently, the trend of DOGE coin 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 linkage, although Bitcoin has been soaring to new highs, DOGE coin has failed to benefit from it. On the contrary, every time Bitcoin pulls back, it is accompanied by a synchronous decline in DOGE coin. This phenomenon indicates that DOGE coin currently lacks the momentum for independent upward movement, and its correlation with Bitcoin is more reflected in following the downward trend.
Taking the current market pattern as an example, if Bitcoin only experiences a thousand-point pullback at its high, based on past correlated trends, the price of DOGE coin is highly likely to slide towards the level of 0.36. This prediction is not baseless but is a reasonable inference drawn from multiple factors.
From a technical analysis perspective, the four-hour K-line chart presents key information. DOGE coin has forcefully broken through the middle track of the Bollinger Bands, and from the trajectory of technical indicators, it has a strong trend to further test the lower track of the Bollinger Bands downwards. Meanwhile, the MACD energy bars clearly show that bearish forces are continuing to increase, and this series of technical signals undoubtedly indicates that bearish forces dominate the current market.
The focus is still on short positions, and the expected target price can be set around 0.365.
