Does Dogecoin present a buying opportunity on its latest dip?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Bitcoin visited the $21.4k area in recent hours but bounced to $21.6k once more. This level is a critical support level for Bitcoin.
The $21.2k-$21.6k area has acted as resistance in August and early November. If January’s rally is to continue, ideally BTC would see a recovery from this zone.
In light of this information, the fact that Dogecoin also sat atop month-long support suggested that buyers are likely to have their eyes on DOGE in the next couple of days.
Read Dogecoin’s Price Prediction 2023-24
If Dogecoin recovers, it can make gains of 15% northward before meeting significant resistance. On the other hand, heightened selling pressure could see sharp losses for the meme coin.
Source: DOGE/USDT on TradingView
The red box highlighted a 12-hour bearish order block just below the $0.1 level. Dogecoin rallied from $0.067 to $0.099 in early February. This represented gains of 48% in five weeks. However, the $0.1 is a psychological and technical area of resistance.
Sellers proved their strength once more as DOGE retested the $0.09-$0.1 zone. At that time, a bearish divergence was seen as well. In yellow, a range from $0.079-$0.092 was highlighted. It can be seen that the mid-point of this range, at $0.086, has acted as support and resistance over the past month.
This highlighted the credibility of the range, despite the deviation toward $0.1 earlier this month. At the time of writing, the price was back at the range lows. The RSI has made a series of higher lows over the past couple of days, while DOGE remained flat at $0.082.
How much is 1, 10, 100 DOGE worth?
The CMF was in
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