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Wednesday, September 27, 2023

Dogecoin bulls look to force a move toward $0.07, will they succeed

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Dogecoin [DOGE] saw some positive developments on the price front over the past 48 hours. It lacked a strong trend on the higher timeframes such as 1-day, but it could see a small bounce in the coming days.

How much are 1, 10, or 100 DOGE worth today?

This move was initiated after the bounce above the $0.066 level which flipped the lower timeframe structure. There was also a confluence of factors that suggested Dogecoin could gain close to 10% soon.

The $0.066 resistance from the past two weeks was retested as support


Dogecoin [DOGE] flips the $0.065 region to support, bulls target another 8% gain

The $0.06 region has been an important support since March. In the past two weeks, the bulls fought to defend this area and succeeded in driving prices past the short-term resistance at $0.0645-$0.0662. Moreover, DOGE retested this zone and was in the process of bouncing higher.

The market structure on the 4-hour chart was bullish after this development, and the RSI also showed strong upward momentum. Conversely, the OBV has been flat, which hinted at a lack of strong demand.

To the north, there was a sizeable imbalance at the $0.07 region demarcated in white. Additionally, this zone coincided with a resistance zone from June. Hence, it represented a logical take-profit target for bulls who entered near the $0.065 mark.

This bullish idea would be invalidated if Dogecoin falls below the $0.062 level. The price was already above the $0.066 mark, so traders must combat FOMO and wait for a retest of the support to look for buying opportunities. It was also possible that DOGE could continue to rise higher to $0.072 without another dip.

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