Dogecoin (DOGE) – Short-term negative bearing has been rekindledPosted on Monday, December 26 2022 at 8:37 pm GMT+0000
Dogecoin’s (DOGE) short-term negative bearing has been rekindled after the 55-period exponential moving average curbed advances, which began from the recorded two-month low of 0.070.
The 20-period exponential moving average shifted back south while the negatively charged 55- and 200-period exponential moving averages are dictating the bearish picture. Moreover, the oscillators are suggesting that the negative impetus has jump-started. The TSI crossed back beneath its trigger line and nudged below the zero level, whilst the IMI keep pointing south in the bearish region.
Hence, sellers will become more confident that the descent will gain more legs following a decisive move below the adjacent bottom at 0.070. In such a scenario, those are expected to target the 161.8% Fibonacci golden number of the last up-leg at 0.064. A more aggressive decline could last until the 261.8% Fibonacci extension level at 0.055.
On the other hand, if buyers re-emerge and surpass the 20-period exponential moving average, they could face upside constraints around the 0.079 – 0.080 tough resistance area linking the December 23rd top and the 18th of December high, just above the 55-period exponential moving average. A sustainable move higher will initially test the 200-period exponential moving average and the 12th of December bottom at 0.093.
All in all, Dogecoin is surrounded by bearish vibes and a drop beneath 0.070 will open the gate for additional negative actions. Only a fast rally above 0.079 could ruin the current structure of lower tops and lower bottoms and brighten the short-term outlook.