The current $DOGS chart displays a clear downward trend that has intensified in recent days. The price has declined from a local high of about 0.00118380 to the current level of 0.000969, representing an approximate 18% drop.
Key observations:
Support Breakdown: The price has broken through several support levels, with the last significant one around 0.00100000.
EMA Alignment: Exponential Moving Averages (EMAs) are aligned in a bearish order - EMA20 below EMA12, which is below EMA6, confirming a strong downtrend.
Trading Volumes: Increased volumes are observed during the recent decline, indicating the strength of the bearish movement.
RSI: The Relative Strength Index (RSI) is in the oversold zone, which may signal a possible bounce, but currently shows no signs of divergence.
Forecast:
The short-term outlook remains bearish. The price is likely to test new lows. Immediate support levels can be expected around 0.00095000 and 0.00093000.
For a trend reversal, the price needs to establish itself above the EMA20 (approximately 0.00101000) on the daily timeframe. This could be the first signal of a potential recovery.
Potential catalysts for growth may include positive news about the project or a general improvement in crypto market sentiment. However, given the current dynamics, any rise is likely to face resistance at previous support levels, which will now act as resistance.
Traders are advised to exercise caution and wait for clear reversal signals before opening long positions. Short positions also carry risks due to the possibility of a quick rebound from current oversold levels.
The DOGS token may experience increased volatility in the coming days as the market seeks to establish a new equilibrium. Traders should keep an eye on broader market trends and any project-specific developments that could influence price action.
