Dogecoin falls below key support – Here’s why buyers should remain vigilant
Release: 2024/07/14 17:04 Reading: 676
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=406794
Dogecoin Price Analysis: Bearish Momentum Persists
Overview:
Dogecoin (DOGE) has fallen below its support zone of $0.123-$0.128 and shows a bearish price structure. Buying pressure remains weak, indicating a lack of demand for a quick reversal.
Technical Indicators:
- RSI: Below neutral 50, indicating bearish momentum.
- OBV: Limited movement after the recent decline, further supporting bearishness.
- Open Interest: Has fallen to pre-rally lows, signaling diminished confidence among futures traders.
- MVRV Ratio: Negative for the past month, suggesting short-term holders are experiencing losses.
On-Chain Metrics:
- Mean Coin Age: Trending downward, indicating distribution rather than accumulation.
- Age-Consumed Metric: Quiet since the recent price drop, suggesting potential consolidation.
Potential Range Formation:
The 7-day liquidation heatmap suggests a potential short-term range formation between $0.104 and $0.1128. If DOGE breaks above $0.113, resistance levels at $0.13 and $0.135 should be monitored.
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