Dogecoin ($DOGE ) is facing strong resistance near $0.44, with multiple technical indicators hinting at a potential downtrend. Sellers are gaining control of the market as bearish momentum builds, raising concerns of further declines.
Key Insights
TD Sequential Sell Signal:
On the 12-hour chart, the TD Sequential indicator has issued a "9" sell signal, often marking a reversal in trends.
This suggests an increased likelihood of price correction, with selling pressure building at key levels.
Bearish Momentum Confirmed by MACD:
The MACD line has crossed below the signal line, signaling bearish market sentiment.
A negative MACD histogram further underscores selling dominance, curbing any immediate bullish potential.
Bull Bear Power (BBP) Indicator:
The BBP readings highlight strong selling pressure, reinforcing the bearish outlook.
The inability to regain buying momentum makes DOGE vulnerable to further declines.
Resistance Levels at $0.44
Dogecoin's price has been unable to breach the $0.44 resistance, with repeated attempts thwarted by intense selling pressure.
Current trading price: $0.3945, down 5.40% in the past 24 hours.
Immediate resistance: $0.4171, with support levels likely near $0.39 or lower if the bearish trend persists.
Trading volume surged by 16.80% to $7.16B, signaling heightened market activity despite the price decline.
What to Watch For
If DOGE fails to reclaim $0.44 resistance soon, further corrections are likely.
Key technical levels such as $0.39 support and bearish indicators suggest cautious trading in the short term.
A breakout above $0.44 resistance would challenge the current bearish narrative but remains unlikely without a shift in momentum.
Dogecoin's struggle to overcome resistance at $0.44 reflects growing bearish sentiment in the market. With key indicators like TD Sequential, MACD, and BBP signaling downward pressure, traders should prepare for potential declines unless buying momentum returns.
