The prevailing trend: The one-hour chart for Dogecoin clearly shows a continuous downward trend. Since around September 17, the price has consistently been making lower highs and lower lows, indicating strong bearish momentum.
Current price action: DOGE has seen a significant drop, especially from around September 22 onwards. It found some temporary support around the $0.218 level before bouncing slightly. Currently, it is trading around $0.2246. There is a visible struggle between buyers and sellers, but the overall trend remains bearish.
Technical indicators:
Moving averages: All moving averages are positioned above the current price, acting as strong dynamic resistance. They are widening, confirming the strength of the bearish trend. The price is trading well below all of them.
Relative Strength Index (RSI): The RSI is currently around 44.40. While it dipped into oversold territory during the sharpest part of the decline, it has since bounced back to a more neutral-bearish zone. This suggests that aggressive selling may have paused, but there is no strong buying momentum yet.
In summary: Dogecoin is in a clear downward trend in this timeframe. Although it has seen a slight bounce from its recent lows, it is facing significant resistance from the upper moving averages. For any chance of a trend reversal
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