DOGE is full of Signs of Decline

DOGE/USDT Price Action for September 28

A close look at the DOGE/USDT chart shows that the coin is still in a decline. This can be seen from the 4H, 1-Day and even 1-Month charts.

The RSI indicator shows brief moments in the oversold regions even though this is not enough to infer that the coin is poised for a reversal. What we also see is the indicator hovering at 54 at its maximum.

This shows that there is not yet a strong demand that could stir a reversal. So we are of the opinion that the downward trend would subsist at the moment, especially taking cognizance of the low volume.

Since we are not expecting a breakout for DOGE, the natural inclination is to back the bears, as we expect support at $0.1900 level to be tested. If the prevailing circumstances persist, lower supports shall be tested as well.

The next few hours and days could see DOGE trade around the $0.1700 mark on the way to the key support which is further down. Until we see commensurate volume, we should keep an eye on this support.

Conclusion – DOGE is mildly overbought so we expect lower values. This is the time to buy.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.