Can DOGE bulls aim for $0.075 again and triumph?
The price of Dogecoin (DOGE) has been fluctuating between the $0.070 and $0.075 price zone. Although DOGE experienced a bearish breakout in early June, it has since recovered most of its losses and has been making higher highs and higher lows since mid-June. Bulls sought re-entry at the price imbalance and fair value gap (FVG) between $0.0694 and $0.0655. The FVG aligns with an ascending trendline support, indicating a potential buying opportunity for bulls if there is a price rejection at the previous range-high of $0.0751.
A candlestick session close above $0.0751 would confirm bullish intent and potentially lead to a retest of $0.081. The Relative Strength Index (RSI) has rebounded from the mid-level, indicating improved buying pressure. However, the Chaikin Money Flow (CMF) has moved sideways and the Average Directional Index (ADX) is below 20, suggesting stagnated capital inflows and a lack of a strong trend.
On the futures market, the Open Interest (OI) rates, which track the number of opened contracts, have improved in the past few days. The OI has been making higher lows since June 13, indicating increased demand in the futures market. However, the Cumulative Volume Delta (CVD) has stagnated after a recent positive slope, suggesting eased buying volumes. This could make it more difficult for DOGE to cross above the $0.0751 high.
In summary, DOGE is currently trading at $0.07097 and is attempting to break above the previous range-high of $0.0751. Bulls are seeking re-entry at the price imbalance and FVG, and a rejection at $0.0751 could provide a buying opportunity. Improved Open Interest rates suggest increased demand in the futures market, but the stagnated Cumulative Volume Delta may hinder further upward movement in price.
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