Investors Beware: Dogecoin (DOGE) Price in Peril? Indicators Suggest So
The price of Dogecoin (DOGE) is facing uncertainty as it could break down from an ascending support line that has been in place for almost a year, potentially leading to a sharp fall. Technical analysis from both the weekly and daily time frames suggests that the trend is still bearish, indicating that more downside is likely in the near future. The long-term weekly time frame gives conflicting signs for the price trend, with the price breaking out from a long-term descending resistance line but failing to move above the $0.115 resistance area. The weekly Relative Strength Index (RSI) provides a bearish reading, indicating a sign associated with bearish trends. A breakdown from the current descending triangle the price has been trading inside since November would lead the price to $0.04, a potential new yearly low. However, a breakout from the resistance line could invalidate this bearish long-term prediction and lead the price to increase to an average price of $0.105. This information is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a professional before making any financial decisions.