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The Dogecoin price plummeted more than 5% in the last 24 hours to trade at $0.1458 at press time.
The Dogecoin Price Testing Support
4-hour chart for DOGE/USDT (Source: TradingView)
In recent trading sessions, the Dogecoin price has shown a pattern of fluctuation, creating a complex landscape for traders on the 4-hour chart. The digital currency’s price movements reveal key insights into potential future trends, according to the latest data observed.
Starting with the closing prices over the last few sessions, Dogecoin has seen a varied performance with the most recent prices at $0.14827, $0.14756, $0.14946, $0.14252, and $0.14497. This demonstrates a general downtrend in the short term but also includes a slight recovery in the latest period.
The technical indicators illustrate a bearish sentiment overall. The 9 Exponential Moving Average (EMA) has progressively declined from $0.15224 to $0.14840, consistently above the closing prices, suggesting bearish momentum. Furthermore, the 20 EMA has also trended downward from $0.15638 to $0.15293, further confirming the bearish outlook.
MACD (Moving Average Convergence Divergence) values reinforce this sentiment, with recent values showing the MACD line just below the signal line, indicating weak momentum. Although the histogram values have shown a minor increase, suggesting a slight decrease in downward momentum, they remain close to zero, highlighting the lack of strong movement in either direction.
The Relative Strength Index (RSI) presents another crucial piece of the puzzle, sitting below the midpoint of 50 in the recent period, specifically ranging between 36.01 and 41.25. These values are indicative of a weaker buying pressure and potential continuation of the downward trend.
Key Levels to Watch
Looking at key price levels, Dogecoin currently hovers around critical support at $0.14094, with further support at $0.13797 and $0.13131. A breakdown below these levels could accelerate losses, making these crucial areas for traders to watch. On the flip side, resistance levels at $0.15464 and $0.16324 represent significant hurdles that Dogecoin would need to overcome to shift to a bullish stance.
For traders considering entry and exit points, considering short positions near resistance levels with tight stop-loss orders above $0.15464 could be advantageous if the bearish trend continues. Conversely, should there be a reversal and bullish signals become evident, entering long positions with an initial target near the first resistance and a stop-loss just below the support at $0.14094 could be a strategic move.
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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