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 flipped bearish recently Momentum was firmly on the side of the bears Since 5 December, the USDT (Tether) Dominance metric has risen from 7.94% to 8.26%, a nearly 4% rise. This […]
Over the next week, the idea of another drop was supported by the price action as well as the technical indicators. If Bitcoin also sees weakness in the next few days, fear could grip the market and Dogecoin can reach the lows from November.
The past couple of days of trading saw Dogecoin slip beneath the $0.094 support level, and test the order block again. However, the candlewick to $0.085 in recent hours was not an encouraging sign. It indicated that bulls might have lost the battle. This trade was relatively low risk. The Relative Strength Index ’s drop below neutral 50 recently showed that a move downward was a likelihood. The On-Balance Volume also gradually declined over the past week.The dormant circulation metric saw sharp spikes on 10 November and 21 July. Both times, the spike was chronologically close to a large price move on Dogecoin. However, since the November spike, another was yet to appear, even though DOGE noted large losses in recent days.
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