Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin [BTC], along with the rest of the crypto market, had a bright start to the week last Monday (29 May) but posted losses in the following days. Bitcoin fell by close to 6% while Dogecoin [DOGE] experienced a 4.7% drop to reach $0.0705 on Wednesday, 31 May.

Thereafter, there was some demand behind the meme coin and prices rose to $0.0733. The higher timeframe trend has been bearish over the past six weeks after the rejection at $0.095.

A range formation but markets remained indecisive

Weekend price actions rarely possess strong trends, and the trading volumes are likely to be lower than weekdays as well. This was true for DOGE this weekend. Even though the RSI was above neutral 50, the market structure was not bullish.

Dogecoin has traded within a range (yellow) from May. This range extended from $0.069 to $0.075. Additionally, there was short-term resistance at the $0.074 mark which the DOGE bulls have not overcome since 19 May.

Over the past week, the A/D indicator climbed higher to show a rise in buying pressure. But this resulted from a flurry of buying on Friday, 2 June, that pushed prices above the $0.072 level.

This was an important resistance, as it represented the mid-range value. Overall, Dogecoin lacked bullish momentum and is expected to see a bearish reversal around the $0.074-$0.075 resistance zone.

Bullish sentiment was building up in the past two days

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Author: Akashnath S

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