Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- DOGE recovery hit a key bearish order block near $0.07000.
- Funding rates were relatively positive and favored bulls.
Dogecoin [DOGE] has struggled to swing beyond $0.07000 since 22 June decisively. Further upside beyond $0.07000 has been consistently stopped by the bearish order block (OB) of $0.06729 – $0.07120 (red) on the daily timeframe.
How much are 1,10,100 DOGEs worth today?
In the meantime, Bitcoin [BTC] maintained a hold of $30k into the start of Q3 2023, reinforcing bullish sentiment. But DOGE’s H4 structure was still bearish at the time of writing unless it clears the bearish OB.
Further retracement on the cards?
A previous retest of the bearish OB of $0.06729 – $0.07120 (red) between 22 – 25 June saw DOGE breach the immediate short-term support of $0.06554, only to see a sharp rebound after reclaiming another support level of $0.06324.
Technical indicators, RSI (Relative Strength Index) and MFI (Money Flow Index) hit overbought zones, indicating buying pressure increased alongside significant volumes. But they registered downticks at the time of writing, suggesting a potential pivot.
In addition, the CMF (Chaikin Money Flow) remained above the zero mark but eased southwards, denoting capital inflows eased but remained positive.
So, DOGE could retrace to lower levels – $0.06324 or $0.05983 if the roadblock at $0.07000 persists. Bulls can wai
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Author: Suzuki Shillsalot
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