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DOGE: Will bearish bias continue or can bulls breakout?

Press Releases Crypto News AMB-Crypto DOGE: Will bearish bias continue or can bulls breakout?

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

Dogecoin looked poised for another breakout with prices ranging between key levels.
Social dominance waned alongside on-chain transaction activities.

Over the past week, Dogecoin’s [DOGE] price action stalled between key Fibonacci levels. With memecoins such as Pepe [PEPE] and Shiba Inu [SHIB] experiencing large pullbacks over the past day, DOGE’s price managed to remain relatively stable.

Realistic or not, here’s DOGE’s market cap in BTC’s terms

As the battle for supremacy rages on between bulls and bears, an improvement or decline in general market conditions could swing the advantage either way.

Bulls rebounded from key level but it lacked genuine demand

Source: DOGE/USDT on Trading View

The sharp drop from the 23.6% Fib level ($0.0765) between 14 August to 17 August found support at the 78.6% Fib level ($0.0595). However, the bullish rebound from this level failed to push past the 61.8% Fib level ($0.0647). This has kept DOGE stuck between the 61.8% and 78.6% Fib levels.

With DOGE’s market structure remaining bearish on the higher timeframes, bulls will need a sustained rally to achieve significant results. A look southward showed the potential for bulls to rally from this level, as evidenced between early June to late July.

While bulls attempt to rally again, further bearish action could see DOGE sink to June levels of $0.0530. This will represent a 15% drop from the press time price level. A bullish breakout on the other hand c

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Author: Suzuki Shillsalot

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