The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.This does not hide the fact that the higher timeframe charts showed a bearish bias for DOGE.
has been stationary on the price charts in recent weeks. 4 January saw some bullish impetus across the altcoin market. Many assets in the crypto sphere have posted gains in recent days after trending downward in December.was one of these coins. However, the meme coin retained its higher timeframe bearish bias. Trading volume has also been in steady decline since mid-December. Unless DOGE can reclaim $0.
The session close beneath $0.071 meant that this bullish order block had been flipped to a bearish breaker. The market structure was also bearishly biased and would only be flipped on a move back above $0.0789. Another interesting factor to consider was that there was a significantly lower timeframe consolidation right beneath the aforementioned resistance level at $0.0789. Therefore it was likely that a move to the $0.077-$0.079 area would offer a low-risk, high-reward shorting opportunity.The A/D indicator has made higher lows since 19 December, which showed some buying pressure in the market. Yet, no new highs were formed, and buyers were weak.
Short sellers could reap profits if Dogecoin continued on its bearish trajectory. The price action and technical indicators signaled more losses could occur, and bulls can wait to see a move past $0.08 before they look to bid.Subscribe to get it daily in your inbox.