Dogecoin secures $0.060, but sell pressure prevails
AMBCrypto
16 Sep 2023 10:30 PM
DOGE was not out of bears' reach despite a modest recovery in the past few days. Will the FOMC Meeting boost bulls' prospects? ...
- Despite a recent recovery, Dogecoin (DOGE) is still facing intense sell pressure.
- The meme coin is currently trading at $0.0622, up 4% from its recent low of $0.059.
- Wavering demand and increasing short positions could hinder the recovery unless the upcoming FOMC Meeting injects positive impetus.
- Key target levels for DOGE include the 38.2% and 50% Fibonacci levels, as well as a potential roadblock near $0.075.
- A drop below the 23.6% Fibonacci level could weaken the market structure and lead to a depreciation towards $0.0556.
- Capital inflows to DOGE markets have declined, as indicated by the southward movement of the Chaikin Money Flow (CMF) and the low ranges of the Relative Strength Index (RSI).
- Short positions against DOGE have increased in the futures market, suggesting expectations of a further drop.
- DOGE's Open Interest rate has remained stagnant above $74 million in the past four weeks, indicating limited demand.
The sentiment of the article is mostly negative, highlighting the intense sell pressure on Dogecoin and the potential risks to its recovery. However, there is also mention of potential targets and positive impetus from the upcoming FOMC Meeting.