Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The market structure of Dogecoin was bullish. The lower timeframe analysis showed $0.085-$0.09 to be a support zone. Bitcoin [BTC] continued to trade beneath the $23k mark. While it hasn’t retested the $22.3k support […]
has made steady gains in the past two weeks. It formed a series of higher lows and has a bullish market structure on the daily timeframe. Yet, the buyers have faced stern resistance near the $0.1 mark.Source: DOGE/USDT on TradingView
Just beneath the $0.1 psychologically significant level lay a bearish order block on the daily timeframe from December 2022. In the past week, the price could not force itself above $0.1, which underlined the fact that sellers dominated this area. The RSI stood above neutral 50 to indicate momentum was bullish. The DMI also showed a strong uptrend in progress, with the ADX and the +DI both above the 20 mark. Additionally, the daily market structure was bullish, and DOGE has formed a series of higher lows since January.In particular, the move above the $0.079 level of resistance and its subsequent retest was an important sign of bullish strength. Similarly, a breakout past $0.1 will also be a strong indication of bullish dominance.
The age-consumed metric did not see a sharp spike recently, nor did the 90-day dormant circulation. If they had, it could indicate a wave of selling around the corner.Subscribe to get it daily in your inbox.
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