The weekly chart of DOGE/USDT shows a predominant bearish trend in recent weeks. The price has been below its 5 and 10-week moving averages, reinforcing this trend. However, it is important to note that the pace of decline has moderated in the last bars, which could indicate a possible consolidation or even an attempt at reversal.
Indicators:
RSI (Relative Strength Index): The RSI is above 50, suggesting that buying strength is increasing. However, it has not yet reached overbought levels, indicating that selling pressure is still present.
Bollinger Bands: The price is below the middle Bollinger band, confirming the bearish trend. However, the distance between the bands has narrowed, which could indicate reduced volatility in the short term.
Trading volume has decreased in recent weeks, suggesting reduced investor interest in the DOGE market. This could be a sign of consolidation or a possible continuation of the bearish trend.
If selling pressure persists and the price breaks below recent lows, we could see a continuation of the bearish trend, or it is possible that the price consolidates in a narrow range for a while before continuing its movement in one direction or another.
On the other hand, if volume increases and the price breaks above the moving averages, we could see a change in the trend and a bullish movement.
The weekly chart of DOGE/USDT presents a mixed picture. On one hand, the overall trend is bearish, but on the other hand, some indicators suggest a possible consolidation or even a bullish reversal.