Dogecoin Down 2% And Technical Analysis Says It Could Get Much Worse
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) is experiencing bearish price action, with technical analysis indicating potential further declines. Traders highlight a failed breakout from a falling wedge and a rejection at the 200-week SMA, forming a bearish engulfing candle. Large transaction volumes have increased, but daily active addresses and transactions over $100,000 have decreased. DOGE is down 1.9% in the past 24 hours and 9% over the past week.
October 03, 2024 | 1:14 pm
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Dogecoin is showing bearish technical signals, including a failed breakout from a falling wedge and a rejection at the 200-week SMA. This could lead to further price declines.
The article highlights significant bearish technical indicators for Dogecoin, such as a failed breakout from a falling wedge and a rejection at the 200-week SMA. These patterns suggest potential further declines in price. Additionally, the decrease in daily active addresses and large transactions over $100,000 indicates reduced market activity, supporting the bearish outlook.
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