Can the March losses of Dogecoin [DOGE] be reversed as bulls open the floodgates?
Dogecoin’s price has seen a bullish shift in structure, with gains of close to 25% measured from the swing low of $0.0625. The surge is attributed to Bitcoin’s sharp breakout past $22k, followed by Bitcoin’s surge above the $25.2k resistance level. While the DOGE market structure supports bullish sentiment, caution is advised as such a strong pump could lead to a retracement before the next leg. The Awesome Oscillator and the Directional Movement Index showed intense bullish momentum, with the ADX signifying a significant uptrend on the 4-hour chart. The price has breached two previous lower highs and flipped its previous bearish structure to bullish. The next area of resistance at $0.08 is expected to be full of sellers, but it could provide a buying opportunity if retested as support in the coming days. The futures market showed capital flowing in alongside DOGE’s gains, and the 15-minute chart showed periods of consolidation and expansion for DOGE on lower timeframes. Each pullback on the price chart saw the Open Interest decline, while each move upward was accompanied by a surge in OI, indicating strong bullish sentiment in the market.
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