Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bullish recovery rejected at new resistance level.
- Lack of conviction in the Futures market could see DOGE experience range-bound movement in the short term.
Dogecoin’s [DOGE] recovery faltered at the $0.06 resistance level. This was after a wave of selling saw price dwindle below a critical support level for buyers on 9 October.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
A technical analysis of Dogecoin by AMBCrypto on 11 October noted that the breach of this support zone presented a good shorting opportunity for sellers in the market. While sellers did record some shorting gains, buyers rallied quickly to attempt a recovery of the level.
However, bears were in no position to give up the new resistance zone, leading to a price rejection at the $0.06 level.
Another sideways price action for DOGE?
A look southward on DOGE’s price action revealed that the last significant breach of a support level on 17 August led to an extended period of range-bound price action for the memecoin.
The breach of the $0.06 support could lead to the same outcome. This is due to the nearby support level of $0.055. If the bulls defend this support level and bears continue to hold strong to the $0.06, a series of rebounds and pullbacks off the support and resistance levels could occur.
The On Balance Volume (OBV) hinted at the price range possibility, as it continued to decline steadily. A lack of sufficient trading volume would result in reduced v
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Author: Suzuki Shillsalot
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