Despite the recent poor performance of Dogecoin, it has formed a bullish head and shoulders pattern. This pattern usually indicates the beginning of a significant rebound, which may drive Dogecoin prices to a new annual high. However, last night, influenced by the overall market and BTC, it began to decline across the board.

DOGE/USDT Four-Hour Chart Analysis and Forecast

Current Price and Trend
DOGE is currently trading at $0.147988, with a 7.52% decrease in the past 24 hours. After a significant recent price drop, it is currently consolidating around $0.148.

Moving Average Analysis

• Short-term moving average (MA 10) is at $0.1545.
• Medium to long-term moving average (MA 60) is at $0.1597.

The current price is below the short-term and medium to long-term moving averages, indicating a bearish market sentiment.

Technical Indicators

• Volume: The current trading volume is 7.888M, indicating active market trading.
• MACD Indicator: The MACD line (blue line) is -0.003220, the signal line (orange line) is -0.001611, and the MACD histogram shows a negative value, indicating a downward market trend.

Support and Resistance Levels

• Key support level: $0.1450 (lower support)
• Key resistance level: $0.1640 (upper resistance)

Price Pattern
The price of DOGE has recently sharply declined, forming a clear downward trend. The current price is consolidating around $0.148, and there may be a rebound in the short term.

Forecast
In the short term, the price of DOGE may consolidate near the $0.1450 support level. If the support level can be effectively maintained, the price is expected to rebound to the $0.1640 resistance level. If this resistance level is broken, the price may further rise.

Conclusion
Currently, the market sentiment is bearish, and it is recommended for investors to closely monitor the $0.1450 support level. If the support level can be effectively maintained, there may be a short-term price rebound. Exercise caution in operations until the price stabilizes and confirms a rebound signal. Opportunities are rare, and now is a good time to pay attention to DOGE and take action!

Having experienced the ups and downs of the coin circle for many years, I share my experience and strategies. If you are unsure of what to do, follow my official account: Web Mountain and Beyond, to get the latest updates! Unlock the CF password!

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