Dogecoin [DOGE] sinks below $0.085, here’s where buyers can set their bids

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin [BTC] was able to climb to the $25.2k mark on Tuesday. But the bulls simply did not have any ammunition left to breach that resistance. Instead, the bears took control and steadily pushed prices lower. At the time of writing, Bitcoin traded at $23.9k.

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

This meant that the sentiment for many altcoins flipped to the bearish side as well. Dogecoin [DOGE] was one such coin that saw a sharp shift. DOGE bulls already faced trouble defending $0.086, and the recent selling pressure was too much to handle.

Source: DOGE/USDT on TradingView

Since mid-January, DOGE traded within a range (yellow) that extended from $0.079 to $0.092. On 1 February and 5 February, the bulls made valiant attempts to break out of the range, and succeeded. However, the band of resistance from $0.092-$0.1 was too sturdy to break.

This was because it was a D1 bearish order block from 8 December. A daily trading session close above this region would have encouraged buyers. Instead, their efforts met a brick wall, and the bears seized the initiative to drive prices all the way to the range lows on 9 February.

A revisit to the range lows seemed to be on the cards once more. Over the past four days, the bulls attempted to defend the $0.086 mid-range support after the rally from $0.079. Even though the RSI has been on an uptrend, it might not be enough to save the bulls from a short-term plunge back to $0.079.

Therefore, buyers can wait for a move to this level and a bounce in prices on lower timeframes before looking to buy. A couple of days of consolidation above