Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
Dogecoin’s market structure was bullish. The analysis of the lower time frame showed that $0.085-$0.09 was a support zone.
Bitcoin [BTC] continued to trade below $23k. While it did not retest the $22.3k support zone, it also failed to break above $24.2k. This phase of consolidation has given many altcoins room to turn a profit.
Read Dogecoins [DOGE] Price Forecast 2023-24
Dogecoin [DOGE] has made steady gains over the past two weeks. It formed a series of higher lows and has a bullish market structure on the daily time frame. Still, the buyers have faced stiff resistance near the $0.1 mark.
The bearish order block has resisted DOGE bulls’ attempts since late January
Just below the psychologically significant level of $0.1, a bearish order block lay on the daily time frame from December 2022. In the past week, the price failed to force itself above $0.1, underlining that sellers dominated this area.
The RSI was above the neutral 50 indicating that momentum was bullish. The DMI also showed a strong upward trend, with the ADX (yellow) and the +DI (green) both above 20. In addition, the daily market structure has been bullish and DOGE has made a series of higher lows since January.
How much is 1, 10, 100 DOGE worth?
In particular, the move above the $0.079 resistance level and subsequent retest was a major sign of bullish strength. Similarly, a breakout above $0.1 will also be a strong indication of bullish dominance. Until then, some consolidation and a slow rise were likely. A move back below $0.082 and $0.078 will reverse the bias to bearish.
30-day MVRV is falling, but sentiment also slipped into negative territory
The 30-day MVRV pushed to a three-month high. Before it could reach this level, the metric dropped. At the same time, DOGE saw a pullback of $0.098. This suggested that holders have made short-term gains. Despite this selling pressure, DOGE has yet to break below the lower time frame support at $0.088-$0.09.
The age-consumed statistic hasn’t seen a sharp spike recently, nor has the 90-day dormant circulation. If that were the case, it could indicate a wave of selling is just around the corner.
This post Should Dogecoin buyers wait for a breakout past this psychological level before bidding?
was published first on https://ambcrypto.com/should-dogecoin-buyers-wait-for-a-breakout-past-this-psychological-level-before-bidding/