Simply putThe price of dog currency (DOGE) has been declining since the beginning of the year and has reached a long-term support level.The weekly and daily price trends indicate that there may be more downside potential
Simply put
- The price of dog currency (DOGE) has been declining since the beginning of the year and has reached a long-term support level.
- The weekly and daily price trends indicate that there may be more downside potential.
- Breaking through the short-term resistance line will invalidate this bearish forecast.
The price of dog currency (DOGE) may fall below the upward support line that has existed for almost a year. If confirmed, this may lead to a significant decline.
The weekly and daily time frame price trends indicate that the trend is still bearish. Therefore, there may soon be more downside space.
The price uncertainty of dog coins is paramount
The technical analysis of the long-term weekly time frame provides conflicting signs for future trends in dog coin prices. Although the price broke through the long-term downward resistance line (dashed line), it failed to break through the resistance area of $0.115.
On the contrary, the price is rejected (with a red icon), forming a longer overhead line. This is considered a bearish signal as it means that buyers cannot maintain their gains.
On the contrary, the seller took over, resulting in a lower price.
After being rejected, the mim fell to the upward support line that has existed since June 2022. This is the fourth time the price has touched this line.
The weekly relative intensity index (RSI) provides bearish readings. Traders use RSI as a momentum indicator to assess whether the market is overbought or oversold, and decide whether to increase or sell assets.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
The indicator is below 50 and is decreasing (with a red circle), which is a sign of a bearish trend.
DOE Price Forecast: Is Collapse a Time Issue?
The daily time frame reading is consistent with the bearish DOGE price forecast for the weekly time frame.
The price trend indicates that since November 2022, the DOGE price has been trading within a decreasing triangle. The falling triangle is considered a bearish pattern, which means it usually leads to a crash.
At present, the price is very close to the bottom of the triangle at $0.067. The subdivision across the entire triangle height will bring the price to $0.04, setting an annual low in the process.
However, breaking through the resistance line of the triangle will invalidate this bearish long-term DOGE price forecast.
In this case, the most likely contour of future price trends is an average price increase to $0.105.
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