DOGE Token Price Forecast: Can Dogecoin hold 50-period EMA support?

Dogecoin experiences a spike in short-term volatility, with the price holding slightly above the 50-period Exponential Moving Average (EMA) at $0.26298 on the 4-hour chart. The Relative Strength Index (RSI), currently at 54-55, is in the bearish region, supporting the bearish outlook.

Lower RSI readings approaching oversold territory will indicate fading bullish momentum, increasing the chances of Dogecoin extending the pullback below the 50-period EMA.

The SuperTrend indicator reinforces the bearish outlook with a sell signal that has been maintained since Monday. This trend-following tool serves as a dynamic resistance when positioned above the DOGE price.

Investors could consider reducing their exposure as long as the SuperTrend maintains the sell signal and the RSI continues to decline. Below the 50-period support at $0.26298, the 100-period EMA at $0.2509 and the 200-period EMA at $0.2389 are in line to absorb the potential selling pressure and prevent losses from stretching toward the critical $0.2000 level.

Still, a bullish reversal could stem from the immediate 50-period EMA support. A favorable Fed interest rate decision could boost Dogecoin's bullish potential, perhaps support gains above the resistance at $0.3000, which was tested on Saturday.

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