![Dogecoin [DOGE] sinks below $0.085, here’s where buyers can set their bids](https://i.headtopics.com/images/2023/2/23/cryptoamb/dogecoin-doge-sinks-below-0-085-here-s-where-buyer-dogecoin-doge-sinks-below-0-085-here-s-where-buyer-1628508684253904898.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Dogecoin bulls were unable to defend the mid-range mark during the recent sell-off. The range formation meant that DOGE was close to a support level. Bitcoin [BTC] was able to climb to the $25.2k […]
was one such coin that saw a sharp shift. DOGE bulls already faced trouble defending $0.086, and the recent selling pressure was too much to handle.Since mid-January, DOGE traded within a range that extended from $0.079 to $0.092. On 1 February and 5 February, the bulls made valiant attempts to break out of the range, and succeeded. However, the band of resistance from $0.092-$0.1 was too sturdy to break.
This was because it was a D1 bearish order block from 8 December. A daily trading session close above this region would have encouraged buyers. Instead, their efforts met a brick wall, and the bears seized the initiative to drive prices all the way to the range lows on 9 February. A revisit to the range lows seemed to be on the cards once more. Over the past four days, the bulls attempted to defend the $0.086 mid-range support after the rally from $0.079. Even though the RSI has been on an uptrend, it might not be enough to save the bulls from a short-term plunge back to $0.079.
Therefore, buyers can wait for a move to this level and a bounce in prices on lower timeframes before looking to buy. A couple of days of consolidation above this support could give buyers time and confidence to enter long positions targeting $0.09-$0.092. Their stop-losses can be set near $0.0775.Source:In response to the downturn in prices, the weighted sentiment also crashed into negative territory over the past couple of days.
The 90-day dormant circulation saw a small spike on 15 and 16 February, when DOGE attempted to climb past $0.09. This could be an indication of a minor sell-off. Hence, buyers should be wary in case this metric witnesses another surge.Subscribe to get it daily in your inbox.
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