Fluctuations in Dogecoin (DOGE) Price: Downtrend Following the Rise

Original author：Ruslan Guliyev

Original source：https://www.youtube.com/embed/7_2cdebmq7o

Fluctuations in Dogecoin (DOGE) Price: Downtrend Following the Rise

After a significant increase in the price of Dogecoin on January 20, a serious decrease was observed the next day. Experts state that the meme token has been in a downward trend for two months and they are uncertain whether this trend will continue.

According to technical analysis, Dogecoin has been in a rising channel since June 2023, but then started to decline and fell into the channel on January 3. Although he attempted to ascend twice during this period, he failed.

A second rejection after Elon Musk opened a new payment account on his platform caused Dogecoin to lose value. The relative strength index (RSI) is in a downward trend, indicating that the bulls are losing control of the market.

Dogecoin's price trend and RSI values ​​show that it is in a bearish trend in the six-hour time frame as well. The fact that the price has remained below a falling resistance line, especially since the highest level was seen in December 2023, strengthens the comments that the decline will continue.

A descending triangle formation and falling RSI values ​​indicate that Dogecoin's value could decrease by 27%, reaching the nearest support at $0.058.

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