DOGE: Price rejection favors sellers
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.