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Dogecoin (DOGE) price significantly increased on January 20 but experienced a sharp decline the following day. According to experts, the popular meme token has been trading within the support area of a downward formation for about two months. Will it reverse the trend with a rise, or will losses in Dogecoin continue?
狗狗币(DOGE)价格在 1 月 20 日大幅上涨,但第二天又大幅下跌。据专家称,流行的 meme 代币已经在下行形态的支撑区域内交易了大约两个月。狗狗币会扭转趋势并上涨,还是会继续下跌?
DOGE’s Decline After Elon Musk’s Influence
在埃隆·马斯克的影响下,DOGE 的衰落
In the meme token’s daily time frame technical analysis, the price has been trading in an ascending parallel channel since June 2023. In December, the price exited the channel, rising to $0.108. However, Dogecoin later fell, and a decline within the channel’s boundaries occurred on January 3, 2024.
在 Meme 代币的每日时间框架技术分析中,自 2023 年 6 月以来,价格一直在上升平行通道中交易。12 月,价格退出通道,升至 0.108 美元。然而,狗狗币随后下跌,并于 2024 年 1 月 3 日发生了通道边界内的下跌。
Since the mentioned period, there have been two unsuccessful attempts to rise. The second rejection in the cryptocurrency occurred shortly after Elon Musk introduced an “X Payments” account on his platform. The daily Relative Strength Index (RSI) is showing a downward trend. Readings above 50 and an upward trend indicate that bulls are still at an advantage, while readings below 50 suggest the opposite.
自上述时期以来,曾有过两次上涨尝试,但均未成功。加密货币的第二次拒绝发生在埃隆·马斯克在其平台上推出“X Payments”账户后不久。每日相对强弱指数(RSI)呈现下降趋势。读数高于 50 且呈上升趋势表明多头仍处于优势,而读数低于 50 则表明情况相反。
Dogecoin’s Price Trend
狗狗币的价格趋势
In Dogecoin, the RSI is below 50 and falling, which could be a sign of a bearish trend in both cases. The six-hour time frame, like the daily time frame, is showing a downward trend. This is attributed to DOGE price movement and RSI readings. Dogecoin’s price movement has fallen below a descending resistance trend line since the mentioned peak in December 2023. More recently, the trend line caused a rejection on January 21, 2024.
在狗狗币中,RSI 低于 50 并且正在下降,这可能是两种情况下看跌趋势的迹象。与每日时间框架一样,六小时时间框架也呈现下降趋势。这归因于 DOGE 价格变动和 RSI 读数。自 2023 年 12 月提到的峰值以来,狗狗币的价格走势已跌破下降阻力趋势线。最近,该趋势线在 2024 年 1 月 21 日遭到拒绝。
When the resistance trend line is combined with a horizontal area at $0.077, it forms a descending triangle, considered a bearish pattern. The six-hour RSI, being below 50 and falling, could support a price decline. A break covering the entire height of the formation could lead to a 27% drop in Dogecoin, potentially bringing the price to the nearest support at $0.058.
当阻力趋势线与 0.077 美元的水平区域结合时,它形成一个下降三角形,被视为看跌模式。六小时 RSI 低于 50 并正在下降,可能会支撑价格下跌。突破该形态的整个高度可能会导致狗狗币下跌 27%,有可能将价格带到最近的支撑位 0.058 美元。
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