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DOGE’s accumulation may be hollow given its movement in this direction

Press Releases Crypto News AMB-Crypto DOGE’s accumulation may be hollow given its movement in this direction

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

DOGE slipped below $0.063, a support level that stretched back to March
Failure to defend the bullish OB from June could send DOGE tumbling once more

Dogecoin [DOGE] slipped beneath the $0.063 support level once more and retested the level as resistance last week. The meme coin had a large social presence last week and landed in LunarCrush’s top ten for last week

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

Yet this social engagement did little to drive demand for the coin. Its price action discouraged short-term bulls, but it was also trading within a higher timeframe support zone.

The three-month-old bullish order block was yet to be breached- can the DOGE bulls keep it that way?

Source: DOGE/USDT on TradingView

On 14 June, Dogecoin posted a bearish candle on the daily timeframe. A rally to $0.083 followed in the weeks after this event, marking that candle as a bullish order block. The sharp drop on 11 September dipped below this zone, but Dogecoin was yet to see a daily session close below the order block.

Hence, until that occurs, bulls can be hopeful of a recovery. Yet the indicators did not show such a move was around the corner. The Relative Strength Index (RSI) remained below neutral 50 over the past month and showed a downtrend was in progress.

The Directional Movement Index (DMI) showed this downtrend was strong as both the Average Directional Index (ADX) (yellow) and the -DI (red) w

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Author: Akashnath S

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