Although it broke out of a long-term falling resistance trendline, the price of Dogecoin (DOGE) was unable to maintain its rise.
The price has been moving inside a bearish descending triangle pattern ever since the momentum reversal.
Dogecoin Cannot Maintain Growth
The price of DOGE broke out from a declining resistance trendline on September 27, according to the daily timeframe view. For sixty-four days prior to the breakout, the queue was in place.
Is the price of Dogecoin bullish or bearish,Is the price of Dogecoin bullish or bearish
Even when Dogecoin crossed above the trendline, it was unable to start a meaningful uptrend. Instead, the price dropped after hitting a high of $0.064.
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The price of DOGE formed a bearish engulfing candlestick (red symbol) on October 2. This is a bearish candlestick pattern when all of the previous period’s gains are reversed in the next one. Right now, DOGE is trading just above the horizontal $0.060 zone.
The Relative Strength Index (RSI) for this week is negative.
Traders use the relative strength index (RSI) to assess if a market is overbought or oversold and to decide whether to buy or sell an asset.
Bulls may still be in the lead, according to readings over 50 and an upward trend; readings below 50, on the other hand, imply otherwise.
Bearish signals of the Dogecoin price movement include the RSI’s rejection by 50 (red circle) and its downward trend.
It’s crucial to remember that the RSI’s rising support trendline is still present. The whole upward rise that started on August 17 was preceded by this trendline.
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DOGE Price Forecast: Bearish Trend Warnings of Decline
When it comes to the six-hour timescale, it is more negative than the daily one, which has no set view. This is mostly due to two factors.
First off, the price of DOGE is now moving within a falling triangle. The descending triangle is regarded as a bearish pattern, which means that it frequently results in breakdowns. The resistance trendline’s slope is determined by the rejection on October 2 (red symbol).
Second, the triangle’s upward movement has the appearance of a black, A-B-C pattern that is corrective. Elliott Wave theory uses investor psychology and recurrent long-term price patterns to analyse trends and predict their future directions.
It is possible that the trend is bearish since the upward advance is corrective.
The meme currency is expected to drop another 15% and hit the $0.052 area if it breaks out of the triangle. This target is obtained by projecting the triangle’s height (shown in white) to the breakdown point.
Is the price of Dogecoin bullish or bearish,Is the price of Dogecoin bullish or bearish,Is the price of Dogecoin bullish or bearish,Is the price of Dogecoin bullish or bearish