#notcoin The whale wave hits Dogecoin.
What is the future of Dogecoin's price?
The technical analysis of the Dogecoin chart shows that the moving average convergence divergence (MACD) line and the signal line are below the zero line. This indicates a downward trend, with weak momentum.
DOGE chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) value for the meme coin at 0.03 is somewhat positive, indicating slight buying pressure in the market. Despite the accumulation of Dogecoin, its strength is weak.
Moreover, the daily Relative Strength Index (RSI) stabilizes at 47.55, indicating a neutral zone, and is slightly moving towards a bearish area. The Bull and Bear Power (BBP) reading for Dogecoin at -0.00490 indicates bearish control over the market. The price is likely to continue facing downward pressure unless momentum changes.
The four-hour Dogecoin price chart shows that it may drop to the support level at around $0.2006. If the downward correction continues, the meme coin is likely to test the next support level below $0.1999. Conversely, assuming the coin has reversed the momentum, the price may rise to its immediate resistance level at around $0.2018. Further upward correction could push the price of DOGE
