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The Dogecoin price plunged more than 3% in the last 24 hours to trade at $0.1306 at press time.
The Dogecoin Price Loses Another Support
4-hour chart for DOGE/USDT (Source: TradingView)
The Dogecoin price has been displaying intriguing patterns on the 4-hour chart. Over the recent periods, closing prices have seen fluctuations. These movements, coupled with technical indicators, paint a detailed picture of the potential directions DOGE could take in the near term.
The 9 Exponential Moving Average (EMA) and the 20 EMA have been providing key insights into the asset’s momentum. The 9 EMA figures, slightly descending, suggest a tightening in price action. Meanwhile, the 20 EMA values indicate a gradual bearish sentiment building up as the price moves below these averages.
#Dogecoin version 1.14.7 is available now. If you're running the Qt binaries (the GUI wallet), we encourage you to upgrade as soon as possible. Release notes and downloads are available here: https://t.co/mx2O32V9Yn https://t.co/kDCy3XOF7C — ☣ junior developer ☣ (@chromatic_x) February 28, 2024
Bears Ease up on DOGE
The Moving Average Convergence Divergence (MACD) further corroborates this sentiment with its latest readings. The MACD values have transitioned from slightly more bearish to a less bearish position over the last few periods, indicated by the histogram turning positive in the most recent period. This subtle shift suggests a potential easing of the downward pressure, though caution is still advised.
The Relative Strength Index (RSI) has also provided valuable input, moving from a low of 29.36 to a more stabilized 39.26. This recovery from near oversold conditions signals a slight increase in buying interest, possibly leading to a bullish reversal if sustained momentum continues.
Given these indicators and the current price movement, the resistance and support levels come into focus. The immediate resistance levels are spotted at $0.1468 and $0.15464, with a more significant barrier at $0.17227. On the downside, support levels are established at $0.13131 and $0.11732, with a crucial level at $0.08969. These levels will be critical for traders to monitor for potential entry and exit points. For bullish traders, a sustained break above $0.13432 could open up tests of the resistance levels, while bearish traders might look for a break below $0.13131 to target lower support levels.
Considering the current market conditions and technical indicators, traders might find opportunities on both sides of the market. The slightly bearish momentum suggested by the EMAs, coupled with the potential for a reversal indicated by the MACD and RSI, presents a complex trading environment. As always, it’s essential to consider these indicators in conjunction with broader market trends and news.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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