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DOGE stalls at $0.07000: Bulls can re-enter here

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DOGE hit a familiar cross-road and obstacle on the H4 chart – which route will it take?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • DOGE recovery hit a key bearish order block near $0.07000.
  • Funding rates were relatively positive and favored bulls. 

Dogecoin [DOGE] has struggled to swing beyond $0.07000 since 22 June decisively. Further upside beyond $0.07000 has been consistently stopped by the bearish order block (OB) of $0.06729 – $0.07120 (red) on the daily timeframe. 

How much are 1,10,100 DOGEs worth today

In the meantime, Bitcoin [BTC] maintained a hold of $30k into the start of Q3 2023, reinforcing bullish sentiment. But DOGE’s H4 structure was still bearish at the time of writing unless it clears the bearish OB. 

Further retracement on the cards?

Source: DOGE/USDT on TradingView

A previous retest of the bearish OB of $0.06729 – $0.07120 (red) between 22 – 25 June saw DOGE breach the immediate short-term support of $0.06554, only to see a sharp rebound after reclaiming another support level of $0.06324. 

Technical indicators, RSI (Relative Strength Index) and MFI (Money Flow Index) hit overbought zones, indicating buying pressure increased alongside significant volumes. But they registered downticks at the time of writing, suggesting a potential pivot. 

In addition, the CMF (Chaikin Money Flow) remained above the zero mark but eased southwards, denoting capital inflows eased but remained positive. 

So, DOGE could retrace to lower levels – $0.06324 or $0.05983 if the roadblock at $0.07000 persists. Bulls can wait for the pullback retest on the above levels for buying opportunities. Secondary buying opportunities could suffice upon a decisive session close above bearish OB. 

But a drop below $0.05983 will invalidate the bullish thesis and could expose DOGE to aggressive selling. 

The funding rate was positive

Source: Coinglass

Is your portfolio green? Check out the DOGE Profit Calculator 

According to Coinglass, DOGE’s funding rates were relatively positive in the better part of 1 July. The metric has improved considerably from 29 June and could offer bulls an edge.

In addition, about $1.4 million in short positions have been liquidated in the past 24 hours. On the contrary, long positions suffered a $1.1 million wreckage, suggesting a bullish bias on the higher timeframe. But bulls will only gain an edge if they invalidate bearish OB. 


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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