Dogecoin has experienced a prolongued decline following a failed attempt to break above the $0.28 mark. Technical indicators point to the likelihood of further price reduction.
Bearish Pressure Increases
Analysis of the DOGE/USDT daily chart shows that Dogecoin failed to sustain above the $0.28 resistance level, leading to a 14% price drop. This indicates that sellers dominate the market. The price is drifting toward the lower Bollinger Band, signaling increased selling pressure.
MACD Confirms Bearish Sentiment
The MACD indicator clearly shows a bearish sentiment as the signal line has crossed below the MACD line, with the histogram remaining negative. These factors point to continued downward momentum.
Critical Support Levels
Dogecoin is testing the support level around $0.24. Failure to hold this level could lead to further decline to $0.20 or $0.15, based on historical support levels.
Dogecoin remains under seller pressure, and its future depends on overcoming current resistance levels. A short-term downtrend is anticipated to continue.
