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Dogecoin shrinks to a lower range- Short-selling opportunities limited?

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Dogecoin shrinks to a lower range- Short-selling opportunities limited?

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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

  • The 4-hour chart was bearish at press time. 
  • Weekly holders saw more losses than monthly holders.

Dogecoin [DOGE] sustained short-term sell pressure after Twitter removed its mascot from its logo. But the drop was slowed by the $0.08098 support.

At press time, DOGE traded at $0.08305, up about 1.30% in the past 24 hours, according to CoinMarketCap. But the 20 EMA (exponential moving average) of $0.8373 blocked further recovery. 


Read Dogecoin [DOGE] Price Prediction 2023-24


Will bulls defend the $0.08098 support?

Source: DOGE/USDT on TradingView

The bearish order block at $0.10020 alongside recent Twitter action dented the recent bullish sentiment. Overall, DOGE depreciated about 20%, dropping from its recent high of $0.10500 to near the 20 EMA. 

DOGE could continue oscillating in the $0.08098 – $0.08510 range if BTC’s sideways structure of $26.8K – $28.8K persists. In the meantime, DOGE may drop to $0.08098 if the 20 EMA obstacle persists. DOGE may sink even lower to the 200-day MA or $0.07708 support if BTC drops below $26.8K. 

But a move beyond the 20 EMA could give near-term bulls the leverage to retest the overhead range boundary of $0.08510. The next key resistance levels are $0.08904 and $0.09286, especially if BTC reclaims its $29K level. 

The RSI (Relative Strength Index) was below 50, indicating the looming sell pressure despite the bull’s attempts to defend the $0.08098 support. Moreover, the OBV (On Balance Volume) dipped and fluctuated – indicating a wavering demand for DOGE at press time.

Monthly holders outperformed weekly holders

Source: Santiment

The spike in positive sentiment seen after Twitter changed its logo to the DOGE mascot had declined to a neutral level at press time after Twitter reverted to its original logo.

Similarly, active hourly addresses dipped in the same period, limiting a solid recovery and tipping the scale in favor of bears. 


Is your portfolio green? Check DOGE Profit Calculator 


In terms of short-term holders’ performance, monthly holders outperformed weekly holders. Monthly holders only incurred 1.5% losses at press time, compared to weekly holders’ 10% losses, as shown by the 30-day and 7-day MVRVs (market value to realized value) ratios, respectively. 

Source: Santiment

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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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