Dogecoin meets resistance in May and from this resistance a bearish impulse develops. When the price bounce happens, a bullish wave starting from the August low, the action goes towards this resistance. This is marked with a bold orange line on the chart.
The action moves just above the previous high. This activates all the stop-loss orders. Resistance holds. Selling starts and we see the last 3D candle being full red. This session we are seeing consolidation.
Two scenarios can develop:
1) Just as it happened in late October, two sessions lead to another bullish jump and this bullish jump then quickly reverses.
2) Bullish momentum has already been fully exhausted and prices move lower.
I am going with the second scenario for many reasons. Marketwide action, I published Solana and Ethereum recently and these show a strong bearish bias. I also shared dozens of other projects, big and small, and they all have bearish charts.
Trading volume is low and we have been expecting a correction before the 2025 bull-market, which is normal. Seeing prices drop before 2025 is as normal and as standard as it can get. The chart support this normal behavior.
Bearish Dogecoin, bearish Solana, bearish Ethereum, bearish Bitcoin.
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