Dogecoin Price: A Tale of Bearish Momentum and Downtrends

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Dogecoin Price: A Rollercoaster Ride

In the world of cryptocurrency, the Dogecoin price has been a hot topic. Earlier this month, Dogecoin showed a glimmer of bullish momentum. However, the bears quickly regained control, pushing the price down. The resistance at the $0.073 level remained unbroken, hinting at potential further losses for DOGE.

The Influence of Bitcoin

The Dogecoin price isn’t immune to the movements of Bitcoin. Over the past week, Bitcoin experienced losses, which echoed in the sentiment surrounding Dogecoin. Current evidence doesn’t support a Dogecoin recovery. Instead, it suggests a possible slump towards $0.053 and $0.048.

Dogecoin Price Trend Analysis

Looking at the 1-day chart, the Dogecoin price trend is clearly downward. On June 10, the price dipped to $0.53 but managed a rally to $0.728 by July 1. This represented a 37.36% gain in three weeks. However, the bullish trend seen in early July on lower timeframes began to shift around July 5.

The Turning Point

After facing rejection at $0.072 on July 4, Dogecoin bulls couldn’t defend the $0.0655 support. This led to a bearish flip in the market structure. The brief surge above $0.072 was swiftly suppressed by sellers, and the 78.6% retracement level has held firm.

The Bearish Momentum Continues

With Dogecoin price below the 61.8% retracement level, it seems the bears are gearing up to drive prices lower. The RSI slipped below the neutral 50, indicating a momentum shift. The OBV couldn’t breach a resistance level from May, underlining the buyers’ lack of conviction.

Open Interest Chart Insights

The Open Interest chart shows a rise from mid-June, coinciding with DOGE climbing above the $0.061 mark. Some buyers noticed the short-term rally and bought as prices slowly increased. However, this pales in comparison to the rally in early April when Dogecoin soared to the $0.1 level.

Buyer Confidence: A Low Point

The absence of a strong uptrend on the OI suggests low buyer confidence. This trend is echoed on lower timeframes, according to Coinalyze data. As we continue to monitor the Dogecoin price, it’s clear that the cryptocurrency market remains a thrilling, unpredictable ride.

Steve Beckford

Steve Beckford

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