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Dogecoin in 24 Hours: DOGE Mirrors Bullish Pattern
In a recent analysis, it was stated that the New Year rally for Bitcoin has ended. However, this piece will focus on the performance of Dogecoin (DOGE) over the past 24 hours.
According to the data provided, DOGE’s price action has been quite concerning. The cryptocurrency is down even more, with a significant decline in value. It seems that the asset’s recent momentum has come to an end, as it mirrors a bearish pattern.
The decreasing volume of the pullback emphasizes the waning buying pressure and lack of demand for the asset. As a result, DOGE bulls are reluctant to intervene, leaving the market open to further declines. The $0.28 mark is expected to be the next crucial support level if the 50 EMA does not hold.
If this level fails to hold, it may pave the way for a more severe correction in the direction of $0.21, which has not been seen since the last significant breakout in November.
It’s also worth noting that DOGE’s current position near 56 on the Relative Strength Index (RSI) suggests that the downward momentum is intensifying. The market may confirm bearish dominance if the RSI continues to decline.
Sources:
Source: u.today
