Dogecoin has a long-term bullish outlook and the uptrend was unbroken as the local demand zone was defended - Will this situation last?
A move beyond $0.43 in the coming days would be an early clue that the $0.5 level will be retested soon.on the price chart, one that promised a strong rally was brewing. However, the technical indicators and the liquidation levels showed that a short-term range formation was possible.A set of Fibonacci retracement and extension levels were plotted based on the rally made in November. The $0.143-level, the high from July, was used as it had been flipped to support.
As things stand, it may be unlikely that DOGE would fall to these levels anytime soon. The RSI fell to 53 to reflect muted bullish momentum on the daily timeframe. And yet, it stayed above neutral 50 to show that buyers still had the upper hand. The OBV was above the local highs that DOGE formed on its way up in November. If the OBV falls below the marked levels, a bearish bias can be adopted. At the time of writing, the evidence pointed towards relatively weak selling pressure.The 3-month look-back period revealed a cluster of liquidation levels at $0.485 and $0.355. The latter coincided with the local demand zone and could be revisited in the coming days or weeks.Zooming in on the liquidation heatmap, we can see that the $0.
A move beyond $0.43 in the coming days would be an early clue that the $0.5-level would be retested soon. Meanwhile, a fall below $0.395 and $0.355 could set DOGE up for a deep, prolonged correction. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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