Cautious Doge traders can wait for a reaction, or the lack of one, from the area around the range lows before looking to enter swing trades.
foray beneath the $26.2k mark showed that the bears remained strong and bounces were treated as temporary rather than a reversal in the trend. However, Dogecoin approached key support that was defended since late December. Can traders expect the range lows to hold?Source: DOGE/USDT on TradingView
The tentative range formation extended from $0.097 to $0.066, and the mid-range mark has served as both support and resistance in 2023.It broke beneath the mid-range mark at $0.082 on 21 April, thereby breaking the previously bullish market structure as well. The OBV has been in decline, and the RSI was unable to climb above neutral 50 since then.
Together they showed strong selling and a steady downtrend in progress. The next bearish target is the $0.066 support, but a move beneath it cannot be ruled out either. A move to $0.06 before a reversal would indicate a liquidity hunt in case of a bounce back above $0.066. Therefore, bearish breakout traders must be cautious of shorting DOGE in that area, while traders in a short position can look to book profits there.The 4-hour chart from Coinalyze showed that Open Interest was constantly falling over the past week. The price was trending downward as well at that time. This showed discouraged bulls and significant bearish sentiment.
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