Doge is offering us a fairly simple market structure here which will make it easy to measure exactly where we are in terms of TA.
First thing I would like to address is the gap that still exists between $0.10 - $0.08. It may not seem like much but technically speaking these levels almost always get retested.
We have seen a strong breakdown into a descending channel since December 2021 (roughly 4 months).
Any break out of the channel would be very bullish for DOGE and mean ALT coins are on a run.
That being said, what we are seeing are signs of loss in momentum, especially after that significant rejection at $0.18 (top of the channel).
Now if we look at the RSI, we are clearly seeing a Bearish Divergence. Price of DOGE has gone higher, while the RSI is trending lower. I have marked 3 other times it has shown this same divergence on the chart.
If Doge doesn't break out of the downtrend, $0.08-$0.09 is of most significance.
Now we watch and wait, hope this helps!
First thing I would like to address is the gap that still exists between $0.10 - $0.08. It may not seem like much but technically speaking these levels almost always get retested.
We have seen a strong breakdown into a descending channel since December 2021 (roughly 4 months).
Any break out of the channel would be very bullish for DOGE and mean ALT coins are on a run.
That being said, what we are seeing are signs of loss in momentum, especially after that significant rejection at $0.18 (top of the channel).
Now if we look at the RSI, we are clearly seeing a Bearish Divergence. Price of DOGE has gone higher, while the RSI is trending lower. I have marked 3 other times it has shown this same divergence on the chart.
If Doge doesn't break out of the downtrend, $0.08-$0.09 is of most significance.
Now we watch and wait, hope this helps!