📊 Bearish Patterns Signal Trouble: Dogecoin ( $DOGE ) has dropped over 30% from its yearly high of $0.48. A "Death Cross" has formed on the daily chart, with the 50-day MA crossing below the 200-day MA on December 18. This bearish signal indicates a weakening trend and mounting sell pressure.
📉 Super Trend Confirms Bearish Momentum: DOGE is trading below the red Super Trend line, reinforcing the bearish outlook. This indicator suggests that the current downtrend is likely to persist, with limited signs of an immediate reversal.
🔑 Key Support Levels at Risk: DOGE faces resistance at $0.33. Failure to hold above the $0.28 support level could push the price toward $0.23 and possibly below $0.20, with the next major support sitting at $0.17.
📈 Upside Potential Remains Slim: If bulls regain control and break above the $0.33 resistance, DOGE could stage a recovery rally toward its yearly high of $0.48. However, current technical indicators favor the bears.
🔥 Conclusion: Dogecoin is under significant bearish pressure, with technical signals pointing to a potential drop below $0.20. Traders should monitor the $0.28 and $0.23 support levels closely for signs of stabilization or further downside. 📊
Top comments (0)