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Bitcoin (BTC) New Year Rally Ended? Ethereum (ETH) Crucial Bearish Pattern, Dogecoin (DOGE): Down Even More
A recent market analysis suggests that the Bitcoin (BTC) New Year rally has ended. Meanwhile, a crucial bearish pattern is emerging on the Ethereum (ETH) chart, and Dogecoin (DOGE) is experiencing a decline.
The author of this article highlights the decreasing volume in the latest pullback, indicating that there is little buying pressure and a lack of demand to stabilize the market. This has led to a more significant decline than expected, with DOGE mirroring a bearish pattern.
The $0.28 level serves as a critical support if the 50 EMA does not hold. A fall below this level could open the door for a more severe correction in the direction of $0.21, which is a price not seen since the last significant breakout in November.
While DOGE’s current position near 56 on the RSI front indicates that the downward momentum is growing stronger, it is crucial to remember that this asset has still not become oversold, leaving room for further declines before the bearish trend could reverse.
The article concludes by emphasizing that a bearish dominance confirmation would occur if the RSI continued its decline.
Source: u.today
