The trading price of Dog Coin [DOGE] is a key support level of $0.0700 within 10 days, and the selling wave has left bulls without a chance to rebound
The trading price of Dog Coin [DOGE] is a key support level of $0.0700 within 10 days, and the selling wave has left bulls without a chance to rebound.
Join us, official account: Chen is bad, not bad
- DOGE is still bearish on the 12 hour time frame.
- The seller dominated the long/short ratio with a proportion of 52.73%.
Dogcoin experienced a significant bullish rebound in early April, with its price soaring to $0.1016. However, it has been in a bearish downward trend since then, with a decline of over 30%. As of the time of publication, the transaction price of DOGE was $0.0736.
As Bitcoin [BTC] continues to consolidate sideways between $26000 and $27000, selling pressure may cause DOGE to decline.
Will the support level of $0.0700 be maintained?
Source: DOGE/USDT in the transaction view
The significant increase in DOGE in early April was quickly contained by sellers at the resistance level of $0.1016. This pushed DOGE to a support level of $0.0805, with a brief rebound in bulls hitting $0.0934. The bearish order block and resistance level of $0.0934 ushered in a new wave of selling pressure, pushing DOGE to its lowest price level since March.
Due to the support level of $0.0700 within 10 days, bulls have temporarily stopped looking for bearish positions. However, they have been unable to further increase from the support level to obtain more returns. This indicates that short positions may once again force Bitcoin to decline, especially if Bitcoin falls to the level of $25000.
The technical indicators on the four hour chart lean towards the seller. As of the time of writing, Chaijin's Capital Flow (CMF) has fallen below the zero line and is at -0.10. This implies that DOGE continues to flow out. The balanced volume (OBV) also remains stable, indicating limited demand for DOGE.
The increase in trading volume may stimulate bullish sentiment starting from the support level of $0.0700. On the contrary, another retest of the support level may see DOGE experience a more aggressive sell-off. This may lead bears to target the next support level at $0.0632.
The open interest rate remains continuously decreasing
According to Coinalyze's data, the open interest rate (OI) on May 17th was $33216.3 million, but as of the time of publication, it had dropped to $31763.4 million. The outflow of funds indicates a bearish short-term sentiment in the futures market.
In addition, the exchange's long short ratio shows that bears have the upper hand, with a dominant long short ratio of 52.73%. Under the seller's firm control, the bullish reversal of DOGE may depend on the recent price trend of BTC.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
