DOGE: Price rejection favors sellers

AMBCrypto
AMBCrypto

27 Jun 2023 6:30 PM

DOGE's attempt to flip its market structure bullish on the lower timeframes faced stiff resistance at the $0.0700 level. ...

  • DOGE's bullish rally was halted at the $0.0700 resistance level due to waning volume.
  • Negative MVRV long/short difference favored sellers in the short term.
  • DOGE's lack of real-world utility and declining social dominance are not good news for buyers.
  • If the bullish defense of the $0.0632 support level holds, buyers can make another attempt to flip the $0.0700 resistance level. Else, sellers could take over to dip below the $0.0632 support with $0.0582 serving as the short-term target.

The article presents a bearish sentiment towards DOGE's short-term outlook due to waning volume, negative MVRV long/short difference, declining social dominance, and the presence of constant selling pressure.

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You May Ask

What caused DOGE's bullish breakout on June 21st?What is the significance of DOGE's social dominance metric?What is the short-term target for DOGE if sellers take over?What is the Market Value to Realized Value (MVRV) long/short difference for DOGE as of press time?What could trigger more selling pressure for DOGE?

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