• Dogecoin registered gains of 9.4% in the 12 hours before writing, bringing it into a zone of resistance.
• The market structure remains bearish on a daily timeframe and DOGE has broken beneath the bullish order block at $0.066.
• Despite recent gains, the AO showed bearish momentum remained strong and weighted sentiment was positive on social media.
Dogecoin’s Price Movement
Dogecoin (DOGE) registered gains of 9.4% over the 12 hours preceding this article’s publication, which brought many altcoins right into a zone of resistance – including DOGE itself. Despite the recent rally, however, the market structure still appears to be bearish on a daily timeframe; with DOGE having broken beneath its bullish order block at $0.066 and forming a new lower low at $0.065.
At the time of writing, an imbalance (white) that DOGE had left on its charts had been filled but prices were yet to close above their respective breaker (red). If they do move past this level however, bulls could take heart as they would have beaten their recent lower high at $0.076 – giving them more room to maneuver in their uptrending trajectory towards higher levels of resistance. On a technical level, both the Awesome Oscillator (AO) and Chaikin Money Flow (CMF) indicators are showing that bearish momentum remains strong despite current gains; while also indicating that capital inflow into DOGE’s markets may not be significant enough to sustain any further rallies in price action for now.
Social Media Sentiment
Weighted sentiment behind Dogecoin is currently quite positive; likely due to its recent surge in price action over the past few hours prior to writing this article. Additionally, mean coin age remains flat – suggesting that investors are not currently selling off or exchanging large amounts of their existing holdings – which could be interpreted as either an indication that holders have faith in Dogecoin’s long-term potential or simply just holding out for short-term profits through intraday trading activities instead.
In conclusion, it appears that although Dogecoin has seen some bullish activity recently it is still too early to tell whether or not these gains are sustainable or if they will eventually fade away again soon after making another attempt at breaking through key levels of resistance like those found near $0.0715 and beyond . Only time will tell how much 1, 10 or 100 DOGEs are actually worth today but regardless investors should always remain aware of how market conditions can change very quickly over shorter periods of time so as to minimize risk exposure as much as possible when investing any amount into cryptocurrency trading activities going forward!