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DOGE weekly prices are trading close to the weekly and critical support, and the downtrend continues to push the price further down. Dogecoin prices will test either one of these support before one can witness the trend reversal.
Weekly prices are trading below the 200 days SMA denoted by the red line in the below-given chart, and the prices are currently in a downtrend. Prices are moving towards the key support line at $0.00166.
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RSI is at 37.87 which is skewed towards oversold zone and the Stoch RSI is at oversold region indicating that the prices may bounce for the reversal.
Dogecoin price is trading below the 9 days, 21 days, and 49 days SMA denoted by the blue line, white line, and green line respectively in the below-given chart.
According to prediction of Dogecoin, the coin is under the strong grip of bears and it is moving towards the weekly key support at $0.00166. RSI is at 42.83 which is neutral, and meanwhile, Stoch RSI is at the overbought zone, and the price is changing its momentum.
Laying Ichimoku Kinko Hyo over the 1D chart time frame, the following things can be observed:
- Prices are trading below the Kumo, overall bearish outlook.
- Prices were unable to hold the support of the Tenkan Sen (blue line) and currently trading below the Tenkan Sen and Kijun Sen (red line), bearish.
- Chikou Span is also below the price candles and Kumo, bearish.
Conclusion:
Daily Stoch RSI is in the overbought zone and indicates that the momentum is shifting towards the downward push. Since the daily RSI indicator is neutral, daily Dogecoin prices might go downwards towards the weekly key support denoted by the white dotted straight line in the above mentioned 1-week chart.
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Ichimoku Kinko Hyo is also indicating the same as the prices are unable to hold the Tenkan Sen and Kijun Sen support and moving downwards towards the key support area.
