Key Factors Pressuring Dogecoin Prices
Release: 2024/04/29 18:55 Reading: 765
Key Factors Pressuring Dogecoin Prices
Cryptocurrency market analyst Josh Olszewicz employs the Ichimoku Cloud indicator to project a potential decline in Dogecoin prices, cautioning investors. His analyses, renowned for their accuracy and depth, highlight crucial technical markers on the daily DOGE/USD chart.
Two Factors Exerting Pressure on Dogecoin Prices
Olszewicz's analysis identifies two primary technical factors influencing Dogecoin prices:
- Tenkan-Sen/Kijun-Sen Cross (TK Cross): The downward intersection of the Tenkan-Sen and Kijun-Sen lines, representing the average prices over the past nine and twenty-six periods, respectively. This cross signals a bearish trend.
- Kumo Breakout: Part of the Ichimoku Cloud indicator, the Kumo defines significant support or resistance levels. Dogecoin's price falling beneath the cloud indicates a negative market sentiment, portending a bearish outlook.
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Olszewicz's charts show Dogecoin currently trading at $0.14, below the cloud and in the red. This suggests a downward trend with potential for further price decreases.
Head and Shoulders Formation
Olszewicz also points to a potential Head and Shoulders formation on the 12-hour Dogecoin chart. This pattern, featuring a central peak and two shoulders, typically indicates a substantial price drop. If Dogecoin's price dips below the critical support level of $0.14, this formation could be confirmed, triggering further declines.
Olszewicz's analysis suggests an impending drop in Dogecoin prices, known as the "meme coin king." Market participants are advised to monitor the $0.14 level closely, as a breach below it would confirm the downtrend. The analyst predicts a potential 40% retracement, bringing Dogecoin's price down to approximately $0.10.
This article originally appeared on COINTURK NEWS: Key Factors Pressuring Dogecoin Prices
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