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Dogecoin, short-term rebound seems difficult... Technical analysis bearish
Source: DigitalToday Original Title: Dogecoin, Short-term rebound seems difficult… Technical analysis bearish Original Link:
Dogecoin( is trading around $0.156, having decreased by 19% over the past month and 11% in just the last week. While some major coins are showing early signs of recovery, Dogecoin's price is exhibiting the opposite movement. The trend remains bearish, with both chart and on-chain signals indicating weakness.
According to blockchain media, it has been reported that there is a possibility of continued weakness until the Dogecoin price shows a significant upward trend based on the short-term structure.
The momentum data is the biggest problem. From November 15 to 18, the price of Dogecoin fell, but the Relative Strength Index ) RSI ( rose, forming a hidden bearish divergence. RSI is an indicator that measures buying and selling pressure, and if the RSI rises while the price is falling, it is likely that the existing downward trend will continue.
The selling by long-term holders is also on the rise. According to the net position change data of holders, long-term holders sold 62.35 million DOGE on November 9, and this increased to 237.2 million DOGE 10 days later on November 19. This reflects an increase of 1.75 million DOGE, a 280% increase in just 10 days, indicating that the selling pressure from long-term holders is intensifying.
The current key support level for Dogecoin is $0.15, and if this level breaks down, there is a possibility of falling to $0.14, and in the worst case, to $0.127. Conversely, to switch to an upward trend, it must break above $0.163, in which case the next resistance level is set at $0.186.