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Dogecoin’s Price To Shift Upward As DOGE Enters High-Demand Order Block Zone

Godspower Owie
by Godspower Owie
6 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After a brief display of bullish momentum on Thursday, Dogecoin began its bearish price action, falling as low as $0.201. In 1 month, DOGE’s price has declined by almost 40%, triggering speculations about a possible bear market phase. However, the dog-themed meme coin could still experience a rebound as it moves into a key zone.

Order Block Zone Hints At An Uptrend For Dogecoin

Dogecoin has been facing bearish pressure, causing its price to retest previous support levels. Meanwhile, market expert and investor Trader Tardigrade has revealed a bullish trend in DOGE’s recent price action.

Related Reading: Dogecoin Bull Market Run To Resume? Analyst Says DOGE Is Headed Toward New All-Time Highs

Delving into Dogecoin’s price action, Trader Tardigrader highlighted that the meme coin has entered a crucial order block zone for substantial buying or selling activity that may determine the stock’s future trajectory. Order block zones during heightened volatility often serve as strong support or resistance levels. 

Many large concentrations of limit orders are currently waiting to be executed in this zone. When this zone is filled with orders, Trader Tardigrade is confident that DOGE will move to the upside in the upcoming weeks.

Dogecoin
DOGE arrives at order block zone | Source: Trader Tardigrade on X

The experts anticipate an uptrend for DOGE since past scenarios preceded significant rallies in the following weeks, as seen on the daily chart. Should buying pressure increase as DOGE trades within this order block zone, this could ignite bullish momentum, allowing it to reclaim key resistance levels and possibly a new all-time high.

A key pattern cited in the 4-hour time frame chart is further backing DOGE’s potential for an uptrend. In another X post, Trader Tardigrade noted that the meme coin has formed a Double Bottom chart pattern, an indicator that usually signals an upward trend.

If Dogecoin effectively performs the bottoming chart formation, it is expected to resume its upward movement. Looking at the expert’s chart, the pattern could cause a rebound to the $0.22 level in the following days.

While the double bottom hints at growing momentum, DOGE’s Relative Strength Index (RSI) has undergone a bullish breakout from a horizontal resistance line. This breakout is likely to support the meme coin‘s anticipated price recovery triggered by the bottoming pattern.

DOGE Open Interest Tanks In The Past Months

Dogecoin’s Open Interest (OI) has declined sharply along with its waning price movements. Technical expert Ali Martinez reported an over 67% decrease in DOGE’s open interest over the past 3 months. This represents a drop from its all-time high of $4.07 billion in December to about $1.33 billion today.

Related Reading: Dogecoin Open Interest Crashes Over $3 Billion Since January, Will The Bloodbath Continue?

Surprisingly, investors are beginning to demonstrate interest in DOGE amid the current price drop. On-chain data shows that large investors or whales have returned to the market, heavily acquiring Dogecoin. These whales have accumulated more than 530 million DOGE in the past 72 hours, signaling confidence in its long-term prospects.

Dogecoin
DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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