Exploring Potential Buying Opportunities with DOGE
Dogecoin (DOGE) has seen gains of 15.8% over the past three days, rising from a year-low of $0.0529 to trade at $0.0621 as of press time. With Bitcoin recording an upside move from $25,800 to $26,200 in the last 24 hours, DOGE buyers could be looking to register more gains as the price approached a key resistance level. However, DOGE’s bearish swing hit new lows on 10 June, with price previously stuck in a range between $0.0805 (resistance) and $0.0700 (support). Two sharp downward moves on 5 and 10 June saw bears break through the $0.0700 and $0.0632 support levels, with bulls now needing to clear two barriers to gain leverage. Rising mean coin age is also hinting at increased bullish activity, with the 90-day mean coin age having steadily climbed since 16 May. Meanwhile, aggregated Funding Rate data from Coinalyze showed steady demand in the futures market for DOGE.
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