After the DOE broke through $0.078, the market structure turned bullish
- After the DOE broke through $0.078, the market structure turned bullish.
- Investors can wait for a pullback before purchasing meme tokens.
Dogcoin has shown a bull market in the past few days. Over the past five days, prices have steadily climbed from the support area of $0.072, followed by a strong break through the resistance area of $0.08.
In an earlier report, the $0.078 area was highlighted as a strong resistance zone, and DOGE may face rejection. On the contrary, prices soared above the region, and bulls continued to push prices higher.
The daily FVG has finally been torn apart
The fair value gap within the daily time frame is highlighted in white. It formed in early March, and the same area was retested as a resistance level in mid March. Short sellers can reject buyers multiple times, as evidenced by the fact that the candle wick enters the imbalanced area.
Finally, after repeated attempts, bulls may break through $0.08. This will also transform the bearish market structure into a bullish market structure, as the lower high point of $0.0792 was broken by the daily closing price of $0.0818.
In the north, the next strong resistance zone is located near $0.088 and $0.093. Especially in the $0.093- $0.095 region, resistance was encountered in February. Therefore, lower level buyers can profit at these levels. Meanwhile, buyers who wish to enter the market can wait to retest the $0.078- $0.08 area.
Fund interest rate and weighted sentiment are both positive
The 30-day MVRV climbed to its previous high in late January. At that time, after Bitcoin's [BTC] fell to $20000 and the holder gained profits, the value of Dogcoin declined. The same situation may occur, with Bitcoin approaching the key resistance level of $28.7k.
The financing interest rate fell on March 31st, but quickly rebounded and strengthened strong bullish sentiment. The weighted emotional indicator also shows a positive social interaction with DOGE, which may be due to price increases.
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