Dogecoin price has been in a steady uptrend, boasting almost 30% in gains since the bull market started on October 18. Despite prospects for more gains, $0.078 seems impenetrable for
, triggering the second rejection in almost two weeks. The leading meme coin could extend below the $0.067 support level, this time losing a critical pivot as momentum dwindles. Invalidation of the bearish thesis will occur if the cryptocurrency breaks and closes above $0.078, confirming the continuation of the intermediate trend.
liquidations The supply zone is an order block that acts as a resistance level owing to the fact that it is populated by sellers. This means an asset’s price is bound to correct once it approaches this zone unless buyer momentum overpowers selling pressure. If seller momentum from the bears overpowers buying pressure from the bulls, Dogecoin price could extend the losses, potentially going as low as the $0.067 support. In a worse case, the slump could extend for the meme coin to revisit the $0.
/USDT 1-day chart On the flip side, if buying pressure increases, Dogecoin price may yet shatter this order block, confirming the continuation of the intermediate trend by closing above its midline of $0.078. This will have invalidated the bearish thesis. In a highly bullish case, the gains could extend to test the $0.081 resistance level, which if flipped could set the tone for a stretch to the $0.090 psychological level. Such a move would constitute a 20% climb above current levels.
was recently overbought.