The DOGE/USDT pair is currently experiencing a strong downward trend. Based on the technical indicators and market data from the charts, here is a concise analysis:
1. Technical Movement
The price is consistently trading below the key Exponential Moving Averages (EMA 7, 25, and 99). On the 4-hour timeframe, every attempt to bounce back is being rejected by these EMA lines. This confirms that the bears (sellers) are firmly in control of the market momentum.
2. Key Support and Resistance Levels
Support: The immediate and most crucial support level is at $0.11993. A break below this point could trigger a sharper decline.
Resistance: On the upside, the first major hurdle is around the $0.125 zone. For a trend reversal to occur, the price must break and stabilize above this level.
3. Volume and Order Book Sentiment
The order book shows a dominant selling pressure of approximately 70.8%, significantly outweighing the buying interest at 29.2%. Furthermore, the trading volume lacks the "buying spikes" necessary to suggest a trend reversal anytime soon.
Conclusion
Overall, Dogecoin remains in a Bearish Zone, having dropped nearly 46% over the last 90 days. For new investors, it is advisable to monitor the $0.11993 support closely and wait for a confirmed bullish reversal signal before entering the market.
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