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Dogecoin [DOGE]: Bulls focus on $0.09 target despite bearish sentiment

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Dogecoin [DOGE]: Bulls focus on $0.09 target despite bearish sentiment

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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’s market structure was neutral on the 12-hour chart.
  • Despite the bearish sentiment, there was increased demand.

Dogecoin [DOGE] tried to recover after falling into the $0.08 area. At press time, the bulls were trying to set a bearish order breaker to overcome the $0.08463 hurdle. However, their efforts may be delayed if Bitcoin [BTC] fails to close above the $22.25k level.


Read Dogecoin’s [DOGE] Price Prediction 2023-24


Source: DOGE/USDT on TradingView

On 5 February, DOGE was rejected at $0.10, leading to a price correction. Similarly, BTC faced rejection at $24k, which dropped the king coin into the $21k region. However, at press time, it was struggling to hold the $22k region. DOGE was also struggling to rise above $0.08463.

If BTC retests or closes above the $22.25K mark, DOGE bulls could target the $0.09 zone. Although OBV (On Balance Volume) has risen recently, adding to buying pressure, the RSI remained at the mid-50 level, showing a neutral market structure on the 12-hour chart.

Nevertheless, the lower time frame charts were bullish, suggesting that the bulls might have a chance to reach the $0.09 level.


Is your portfolio green? Check out the DOGE Profit Calculator


However, short sellers can book profits at $0.08220 or $0.08084 if DOGE does not close above the bearish order block at $0.08463. But a drop into the demand zone (green zone) could provide another buying opportunity for DOGE.

DOGE saw increased demand but bearish sentiment persisted

Source: Santiment

According to Santiment, DOGE’s Funding Rate has increased since 13 February, after fluctuating a few days earlier. This shows that demand for DOGE in the derivatives market increased. The demand for meme coin could have increased due to the discounted price in the $0.08 range.

Since then, however, sentiment dropped significantly and turned negative by press time. This was a sign of underlying bearish sentiment, which urged bulls to be cautious as they targeted the $0.09 price region. Continued bearish sentiment could lead to the bears gaining more influence over the market.

Nonetheless, rising open interest (OI) could further solidify the uptrend. A further rise in OI at the $0.08889 level could turn the market into a bullish structure.

Source: Coinglass

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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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