DOGE bulls have found the $0.0700 hurdle impossible to surmount, as selling pressure rises.
DOGE’s market structure on the higher and lower timeframes has been bearish since early April. The break of the key $0.0632 support level on 10 June saw the price sink to a new year-low. However, bulls recovered slowly to stem the selling pressure.
Despite the bullish rebound, buyers have found momentum hard to come by, due to the selling pressure at the $0.0700 resistance level. This has kept DOGE stuck in a compact price range, although the on-chart indicators hinted at a possible bearish breakout. The Relative Strength Index has been under the neutral 50, since 5 July. As of press time, it was on a dip, highlighting the waning buying pressure. The On-Balance Volume was largely flat, which could be significant for bears.
A successful bearish breakout will see bears target the October 2022 low of $0.0582. Alternatively, if BTC rallies again above $31k, bulls can spring a surprise rally from the current support level.
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