In the past 24 hours, the DOGS pair has seen a mix of volatility and consolidation, moving within a defined range. Despite this, DOGS has surged 7.42% in the last 24 hours. The current technical indicators suggest that DOGS is undergoing a short-term retracement after testing key resistance levels. As it navigates a corrective phase, it’s crucial for investors to actively monitor the price action to determine potential breakout points and opportunities for both short and long positions, making them feel engaged and active in the market.
Price Overview
DOGS opened the day with a price of $0.0011147, reaching a high of $0.0011160 before retreating slightly to the current price of $0.0011035. The 1-hour chart, as displayed, shows that DOGS is consolidating around its support level of $0.0010661. Resistance is established at $0.0011709, and bullish momentum will likely remain capped until DOGS closes above this level.
Technical Indicators
The chart is equipped with exponential moving averages (EMAs) for 20, 50, 100, and 200 periods, which offer insight into the ongoing price trend. At present, DOGS trades slightly below the 20-period EMA ($0.0011033), signalling bearish short-term momentum. However, it remains above the 100-period EMA ($0.0010661), indicating that the overall trend maintains strength. Should DOGS fail to hold above this level, the price could retrace further toward $0.0010601 or even $0.0009999, the next critical support level.
The RSI Divergence indicator presents a bearish divergence of -15.86, suggesting a continuation of the current correction. The RSI line, falling sharply into the red, indicates that DOGS is experiencing selling pressure, which could lower the price if bulls do not intervene to defend the key support areas.
Key Levels to Watch
- Resistance: $0.0011709
- Support: $0.0010661, followed by $0.0010601 and $0.0009999
If DOGS successfully breaks through the $0.0011709 resistance, it would invalidate the current bearish sentiment and signal the possibility of a fresh rally toward higher price points. A break below $0.0010661 could trigger further sell-offs, potentially testing the psychological $0.0010000 mark.
Conclusion
Overall, DOGS remains in a correction phase, with the potential for both bullish and bearish outcomes in the short term. As the price action unfolds, traders should watch for a breakout above the resistance level or a drop below key support areas. The presence of rising buying pressure, indicated by the RSI, could result in a reversal. However, the technical outlook suggests caution until clearer directional momentum is established, making traders feel prudent and careful.
