The price of Dogecoin has decreased, as about 60 % decreased in less than a month. The chart still looks down based on a modern update posted on X by GEMXBT, which is a proceedings market analyst. The post indicates that this may not be the best time to enter the market, as making price does not offer any real signs on a bottom yet.
Doge Price continues to show weakness after a sharp drop that has led to a significant decrease over the past few weeks. Although Dukwin is one of the most coins that spoke in the encryption space, it is currently stuck in a declining direction. This weakness has made many merchants more careful, especially those who hope for a rapid bounce or reflection.
According to the publication of the joint x by GEMXBTDogecoin currently displays a declining market structure on the graph for one hour. The price remains less than the main moving averages, including indicators 5, 10 and 20 periods. These sites indicate that the momentum still indicates the bottom, and that the downward pressure does not reduce.
Technical indicators indicate more negative aspect
The analysis of GEMXBT also highlights important technical factors that enhance the negative view. RSI is hovering near the sale area. Usually, excessive RSI may mean that the bounce is possible, but in this case, there is no confirmation after strong recovery.
In addition, and MACD (moving average rapprochement) The signs of landfill also appear. This indicates that sellers are still controlling the direction and that buyers have not shown any meaningful force.
Support and resistance to view
Since things are standing, the closest level of support for the price 0.1762 dollars. If this level fails to keep it, there may be a deeper correction in the future. On the other hand, the resistance is formed around it 0.19 dollarsDOGECOIN will need to break this level with a strong size to indicate any kind of recovery.
However, the way things look now, Dogecoin is far from that parked point. Meme has lost a lot of momentum in the short term, and unless something turns into the morale of the market or the dynamics of size, the price of the DOGE may continue to struggle.
Also read: Can XRP reach $ 27? The analyst shares bold forecasts based on the dominance of the market
Dogecoin is still one of the most prominent Meme currencies in the market, but the vision alone was not enough to clarify its value. Based on the technical collapse of GEMXBT, the price of Dogecoin remains under downtown pressure, and the bottom may not be yet. Until the price begins to form its highest levels and moves over short -term resistance levels, caution may still be the best way for anyone who sees a dog’s price closely.
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