In doing so, the outlook shifted bearishly. Moreover, this level was retested as resistance on 5 August.
The bulls failed to break through. A set of Fibonacci retracement levels were plotted based on the recent move down. The 23.6% and 61.8% extension levels are confluent with horizontal significant levels at $0.07 and $0.066. These levels have been important for Dogecoin traders since early July. The RSI showed bearish momentum was in place but weakening over the past few days on the H4 chart. The OBV also clung to a support level from mid-July. DOGE sellers have not yet been strong enough to decisively push prices lower. However, the CMF was sinking lower, and its reading of -0.1 showed heavy capital flow out of the market.The Open Interest chart showed a strong spike of close to $30 million on 5 July. At that time, DOGE bounced from $0.073 to $0.076.
Yet, buyers must be wary. To the south, the demand zone at $0.07 has been a significant area since May. A bullish reaction from this zone was likely, although heavy Bitcoin losses could see DOGE fall beneath this area.