Dogecoin (DOGE) is focused on an important turning point in its market price trend. After failing at the previous range-high, Dogecoin retargets $0.075 while the cryptocurrency world is eagerly waiting to see if it can pass through the resistance.
DOGE bulls, ever strong, have their eyes firmly set on re-targeting the resistance level that, if hit, would represent a huge breakthrough. The candlestick session ending over the previous range-low encouraged DOGE to target the past range-high.
As the meme coin continues to garner attention and interest, the query on everyone’s mind is whether DOGE can surpass this fundamental barrier and pave its way to new levels.
Dogecoin Retargets $0.0751 Barrier! Can it Break the Resistance?
DOGE began a range pattern in May between $0.070 and $0.075 but later suffered a bearish breakthrough in early June. However, it has regained the majority of its losses since mid-June.
Particularly, DOGE has made higher highs and lower lows since mid-June, giving the Bulls the advantage. Even though the rebound stalled at the earlier range’s high of $0.0751, bulls attempted re-entry at the rate imbalance and FVG (fair value gap) of $0.0694 – $0.0655.
In most circumstances, the value will always strike the FVG before resuming its usual path. DOGE has received two FVG returns thus far. Furthermore, the FVG is aligned with the upward trendline stability.
As a result, a price resistance at the previous level high of $0.0751 may be alleviated in the previously discussed junction area. As a result, the confluence region is of critical significance to bulls since it may provide another purchasing chance.
A candlestick session finish above the previous high of $0.0751, on the other hand, might indicate bullish intention and possibly lead to a retest of $0.081.
In the meantime, the RSI has recovered from the midpoint, signaling increased purchasing pressure. However, the CMF (Chaikin Money Flow) remained sideways, while the ADX (Average Directional Index) fell below 20, signaling stagnant inflows of capital and a lack of a significant trend.
Dogecoin Receives Mixed Reactions
While Dogecoin retargets $0.075 and its reputation as a humor coin remains high, a secondary analysis shows an unfavorable outlook for the cryptocurrency, implying that investors are constantly searching for alternatives. The once-hyped meme coin is now trading more than 90% lower than its all-time high, indicating a substantial drop in value.
Despite divergent opinions among experts, some predict a possible increase toward $0.07. However, opposing viewpoints are more negative, expecting a likely drop below $0.05.
The price of Dogecoin is heavily influenced by social media engagement. While some future price projections remain positive, investors are becoming more cautious, understanding that such levels may not always equate to the strong long-term ROI they had projected.
As a result, many people choose to diversify their assets, looking for chances outside of the realm of meme coins.
Open Interest Rates have Risen
The Open Interest (OI) prices, which reflect the number of open agreements in the futures exchange, have improved in recent days on Coinalyze’s 1-hour chart. Since June 13, the OI has been reaching higher lows, highlighting current future market needs.
However, the CVD (Cumulative Volume Delta) is at a low following a recent upward slope, indicating that purchasing volumes have dropped. It may make the $0.0751 high crossing more challenging. If this is the case, the range-low/FVG/ascending trendline confluence region might provide some relief.
Will the Price of Dogecoin Rise Again in 2023?
Since the beginning of the 2023 bear market, the Dogecoin price movement has been depressing. The cost has resisted intense selling pressure while failing to gain positive momentum.
Following significant negative activity, the price may be forced to break out of the range very soon. This might cause the price levels to move to the north or to remain sideways. As a result, the DOGE price may continue to rise for the remainder of the year, avoiding the accumulation of bearish pressure.
Dogecoin retargets $0.075 and if reached, the price hike is expected to continue in the upcoming days too. There is a positive signal in its price analysis.