Dogecoin traders should be on the lookout for THIS support level
Release: 2024/07/24 09:04 Reading: 557
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=409070
Dogecoin Primed for Bullish Recovery Amidst Critical Support Test
After reclaiming its position above the 200-day EMA, Dogecoin (DOGE) finds itself poised near a pivotal support level. The overall long/short ratio on Binance offers a glimmer of hope for a bullish resurgence.
Recent Recovery and Challenges
DOGE's recent rebound from the $0.104 support reignited short-term optimism. However, the altcoin encountered resistance at $0.14 and entered a period of low volatility. At press time, DOGE trades at around $0.132.
Current Market Dynamics
Bulls aim to regain market control after a sustained decline. The $0.128 support and the 200-day EMA provide a crucial platform for a potential rally. A positive breakout could see DOGE retesting the $0.16 zone in the coming days.
Derivatives Data
According to Coinglass, the overall long/short ratio remains weighted towards short positions. However, Binance's long/short ratio for accounts and top traders suggests that some traders maintain bullish expectations.
Conclusion
Dogecoin stands at a critical juncture. If it sustains above the $0.128 support, it could ignite a near-term rally. However, Bitcoin's sentiment remains influential, and a decline below $0.128 could delay recovery prospects. The bullish twin peaks on the Awesome Oscillator and the favorable long/short ratio on Binance offer a glimmer of optimism for DOGE's recovery.
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