In the previous analysis, we identified a strong bullish trend with a peak at $0.43858. The RSI was in the overbought zone (77), indicating a possible short-term correction. The support levels identified were $0.35 and $0.30.
The current chart shows a correction after this high, with the current price at $0.35195. This validates our anticipation of a correction following a bullish excess. Let's look at the details. Let's do the detailed technical analysis.
General trend (EMAs)
EMA(7): $0.34630 — remains above the current price, showing a slight slowdown in bullish momentum.
EMA(25): $0.25577 and EMA(99): $0.16555 are well below, indicating that the medium to long term uptrend remains intact despite the correction.
Momentum indicators (RSI and MACD)
RSI(16): 63.67 — Having broken out of the overbought zone, it indicates that the market has taken a breather. The RSI is in a healthy zone, opening the possibility of a new bullish momentum if the price remains stable above the support.
MACD: The differential (DIF = 0.06196) remains positive but shows a decrease, signaling a loss of momentum.
Volumes
Volumes show a notable decline from the peak, confirming that buyers are taking a breather. This could indicate a consolidation phase around the key support at $0.35.
Supports and resistances
Key support: $0.35 (corresponding to EMA(7)).
Major resistances: $0.39 and $0.438 (the previous high).
Possible strategies
Buyers: Possible entries at $0.35 support or on confirmation above $0.39 to target a retest of $0.438.
Sellers: Watch for a break below $0.35, which could push the price back towards $0.30.
Our Conclusion and Next Step
The ongoing correction validates our previous forecast, and the market now seems to be looking for strong support. If DOGE bounces back above $0.35, it would confirm renewed buying interest. However, a break below would require a revision of targets.
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