![Dogecoin [DOGE] sinks to support zone as momentum turns bearish](https://i.headtopics.com/images/2023/3/1/cryptoamb/dogecoin-doge-sinks-to-support-zone-as-momentum-tu-dogecoin-doge-sinks-to-support-zone-as-momentum-tu-1630683007970426880.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Dogecoin sank to a strong support zone. A reversal was possible, but BTC cooperation would be necessary. Dogecoin [DOGE] rallied from the $0.079 level on 10 February to reach $0.092 on 16 February. While […]
ran into some resistance just beneath the $24k mark on Monday. Its lower timeframe structure was bearish, and another 5% drop was a possibility. What could such a dump mean for DOGE traders?Dogecoin has traded within a range between $0.08 and $0.099 for six weeks, since mid-January. At the time of writing, the price was close to the lows of the range. The RSI on the daily chart was also bearish.
The OBV has been in decline throughout February. This suggested that selling pressure was strong, and the dominance of the sellers could drive prices further lower. However, trading volume has also fallen alongside the prices. This highlighted the lack of a strong long-term downtrend. Therefore, it was possible that DOGE could witness a bounce.
Whether there is a surge in prices or a sharp decline, two things were true. The $0.078-$0.08 zone has offered steady support over the past month. It offered a good risk-to-reward buying opportunity, with a clear invalidation on a daily close below $0.078. Hence, aggressive traders can consider buying Dogecoin at these levels.The age-consumed metric showed strong selling pressure over the past two weeksThe 90-day MVRV sank over the past two weeks in the face of rising sell pressure.
The age consumed metric also saw a spike on 24 February, when Dogecoin sank to $0.08. In the coming days, another spike on either metric could indicate strong selling pressure and could see a sharp southward move on the price charts.Subscribe to get it daily in your inbox.
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