Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The market structure flipped bullish after DOGE broke out past $0.078.
- Investors can wait for a pullback before looking to buy the meme coin.
Dogecoin [DOGE] has performed bullishly in the past few days. The price has steadily crept upward from the $0.072 support zone in the past five days before a strong breakout past the $0.08 region of resistance.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
In an earlier report, the $0.078 area was highlighted as a strong resistance zone, where DOGE could face rejection. Instead, prices surged above this area and bulls continued to drive prices higher.
The daily FVG was finally torn apart
Source: DOGE/USDT on TradingView
A fair value gap on the daily timeframe was highlighted in white. It was formed in early March, and the same region was retested as resistance in mid-March. The bears were able to rebuff the buyers multiple times, as evidenced by the candle wicks into the imbalance zone.
Finally, after repeated attempts, the bulls could force a breakout past $0.08. This also shifted the bearish market structure to a bullish one, as the lower high set at $0.0792 was broken by the daily session close at $0.0818.
The RSI climbed above neutral 50 to stand at 62.3, showing strong bullish momentum. The OBV also climbed upward to show demand and buying pressure behind Dogecoin.
How much are 1,10,100 DOGE worth today?
To the north, the next band of stiff resistance lay in the vicinity of $0.088 and $0.093. The $0.093-$0.095 area, in particular, was stubborn to resistance back in February. Hence, buyers from lower levels can look to take profits at these levels. Meanwhile, buyers looking to enter the market can wait for a retest of the $0.078-$0.08 region.
The funding rate was positive alongside the weighted sentiment
Source: Santiment
The 30-day MVRV climbed toward the highs it last witnessed in late January. Back then, Bitcoin’s [BTC] drop toward $20k as well as holders taking profit saw Dogecoin decline in value. It was possible that the same scenario could unfold, with Bitcoin near a critical resistance level at $28.7k.
The funding rate saw a dip on 31 March but recovered quickly and reinforced the idea of strong bullish sentiment. The weighted sentiment metric also showed social interactions with DOGE brimmed with positivity, which was likely due to the price rally.
Source: https://ambcrypto.com/dogecoin-smashes-past-0-078-resistance-bulls-target-0-1/