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

-DOGE was likely carried higher by a social wave and not by buyers.

-While this suggested a retracement was likely, Bitcoin could have other ideas.

Elon Musk offered 1 million Dogecoin [DOGE] to anyone who could prove that he owned an emerald mine, and DOGE posted gains of 4.9% since then. Previously, his announcement of the Twitter logo change to the Shiba Inu dog saw Dogecoin shoot upward by 30% on the charts.

Read Dogecoin’s [DOGE] Price Prediction 2023-24

While the technical structure remained bullish on the higher timeframes, there was a noticeable lack of buying pressure behind the meme coin. Should traders get ready to enter short positions soon?

The bearish order block at $0.095 was yet to be broken

Dogecoin has formed a series of higher lows and higher highs after its recovery above $0.072 on 14 March. The $0.07 area was flipped to support once more. The OBV showed some demand from then to the beginning of April, and the first few days of April saw DOGE briefly claw its way above $0.1.

The bulls could not hold on to their gains. In recent hours, the 1M DOGE bet saw the asset appreciate by another 5%, keeping the hopes of the bulls alive. Yet it remained likely that sellers could begin to dominate.

While the RSI continued to move above neutral 50 to indicate bullish momentum, the OBV sank extremely deep after the brief foray above $0.1. The selling

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Author: Akashnath S

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