Dogecoin

Dogecoin’s (<a href="https://www.blockhead.co/tag/dogecoin/" rel="noopener noreferrer nofollow">DOGE</a>) swift price descent over the past 48 hours saw the memecoin fall from $0.09 to $0.0769. This represented a 15% drop within the two day period.However, buyers can expect some temporary relief from the selling pressure at the $0.0763 support level. This support level has initiated bullish rallies twice already this year and could offer buyers another opportunity to register some bullish momentum.<h3 id="doge-extends-sideways-price-action">DOGE extends sideways price action</h3>DOGE has traded between a compact range over the past three weeks with $0.0763 acting as the range low and $0.0877 serving as the range high. This has presented short term traders with an opportunity to “trade the range.”Trading the range involves buying a token at a range low and taking profits at a range high. This strategy is typically used by short term traders when the market hasn’t established a clear trend.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f53f2234b40f4a9ebf9d90b8de81d8c6.png" />DOGE/USDT on TradingView (4H Timeframe)Thus, the descent of DOGE to the range low again provides intraday traders a buying opportunity. Traders can wait for a bullish candle close on the four-hour timeframe before entering a long position. This could yield a profit margin of 15% for buyers, if price reverses to the range high of $0.08.In the meantime, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) remained bearish with readings of 32 and -0.07 respectively.Despite the low risk nature of the setup, traders should exercise caution, as a break of the range low would see DOGE experience more selling pressure. This could be accelerated if the current market sentiment remains bearish.Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

Can DOGE Initiate a Bullish Reversal From This Price Zone?

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