The meme coin had been stuck beneath the $0.08 resistance over the past week, but a breakout encouraged the bulls. Coinglass data showedLiquidity in both directions has been hunted, making trading conditions precariousIn recent hours, DOGE pushed above the recent lower high at $0.081 to reach $0.0835, before immediately crashing to reach $0.0748. Both bulls and bears were hurt by these developments, and DOGE’s bounce to the $0.08 resistance once again meant traders can exercise caution.
The bullish argument was based on the steady rise in the OBV over the past three days. This showed buying volume outweighed the sellers, and another move upward was likely after the recent flush. On the flip side of this argument was the momentum and the market structure of DOGE. The fall beneath $0.0775 meant the structure was bearish, and the RSI was at 48 to show that an uptrend was not yet in motion.Bitcoin could lead the way for the altcoin market. BTC has flipped 27.7k to support, with the recent plummet being a retest of said support. Hence, aggressive bulls can look to ride a Dogecoin breakout past $0.081, provided BTC ventures above $29k again.
The Open Interest was rising slowly over the past two days but saw a severe drop in recent hours. This discouraged bulls and, combined with the market structure, suggested that the lower timeframe outlook was bearish for DOGE.
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