DOGS Price Forecast: Can Bulls Reclaim Ground as Key Resistance Holds?

Recent price action for $DOGS suggests a continued struggle against key resistance levels, indicating a bearish bias in the near term. The meme coin’s latest close of $0.0009163 represents a failure to sustain momentum, with prices repeatedly testing and failing to break above higher resistance levels such as $0.0010019 and $0.0010064. This suggests that buyers lack the strength to push the DOGS price higher, leaving room for further downside potential.

The 9 EMA and 20 EMA, both sloping downward, underline the ongoing bearish sentiment. The 9 EMA is tracking below the 20 EMA, a signal that momentum is favoring the sellers. This crossover usually points toward short-term downward pressure, with the potential for DOGS to move closer to the immediate support at $0.0009009. A break below this level could open the door for further declines, potentially testing new lows.

Further supporting the bearish case, the MACD indicator reveals a negative divergence, with the MACD line sitting below the signal line, and the histogram moving deeper into negative territory. This signals waning bullish momentum and increasing downside risk. Traders should take note that the weakening MACD reflects that #DOGS might struggle to reclaim the resistance around $0.0010667 in the near term.

On the other hand, the Relative Strength Index (RSI) currently hovers around the 40-42 range, indicating that while the asset is not oversold, it's showing signs of weakness. This suggests that there could still be room for further downside action before buyers step in. Should the RSI fall into oversold territory, it may offer a more favorable entry point for long trades. #Memecoins #Altcoins The full analysis and trade strategy was posted on www.ecoinimist.com.