Will DOGE fall into another price range after rejecting the resistance level of $0.06 at the latest price?The bullish recovery has been rejected at new resistance levels
Will DOGE fall into another price range after rejecting the resistance level of $0.06 at the latest price?
- The bullish recovery has been rejected at new resistance levels.
- Due to a lack of confidence in the futures market, DOGE may experience range fluctuations in the short term.
The recovery of dog currency [DOGE] is faltering at the resistance level of 0.06 US dollars. On October 9th, a wave of selling led to prices falling below the critical support level of buyers.
AMBCrypto's technical analysis of Dogcoin on October 11th pointed out that breaking through this support area provides good short selling opportunities for buyers in the market. Although the seller did record some short selling gains, the buyer quickly rebounded and attempted to restore that level.
However, bears were unable to abandon the new resistance zone, resulting in prices rejecting the $0.06 level.
Another horizontal price trend for DOE?
Observing the price trend of DOGE towards the south indicates that the last significant breakthrough in support level on August 17th led to the long-term range price trend of memecoin.
Breaking through the support level of $0.06 may result in the same outcome. This is due to the nearby support level of $0.055. If bulls hold onto this support level while bears continue to hold onto $0.06, there may be a series of rebounds and pullbacks in support and resistance levels.
The balanced trading volume (OBV) implies the possibility of a price range as it continues to steadily decline. Lack of sufficient trading volume will lead to reduced volatility.
On the other hand, the Relative Strength Index (RSI) highlights a bullish rebound and moves out of oversold areas. However, it failed to expand to the neutral 50, indicating that buyers do not have the necessary purchasing power.
Speculators are not interested in bullish recovery
Despite the bulls attempting to recover, market speculators did not buy it, as evidenced by the cumulative spot trading volume Delta (CVD). The spot CVD continues to decline, highlighting the serious shortage of demand for DOGE in the futures market.
Although there has been a good increase in open interest contracts (OI) over the past 24 hours, it is not enough to reverse the short-term bearish sentiment. However, DOGE traders should closely monitor the price trend of Bitcoin [BTC] as this may quickly change market sentiment.
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