DOGECOIN Potential for Bearish Momentum| 24th May 2022
On the H1, price recently broke the ascending trend channel and has bounced off our 1st support at 0.0830. With price moving below the ichimoku indicator, we have a bearish bias that price will break our 1st support at 0.0830 where the horizontal pullback support is, and drop to the 2nd support at 0.0816 at the swing low. MACD shows a red bearish pressure area and RSI shows a descending trendline, which both support our bearish bias. Alternatively, price may break 1st resistance at 0.0855 in line with the 61.8% fibonacci projection and head for 2nd resistance at 0.0873 in line with 78.6% fibonacci retracement and 78.6% fibonacci retracement at the swing high.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.