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- DOGE has a short-term bearish bias on its price chart.
- The recovery in the $0.086 area was encouraging as it showed that the bulls are still in the fight.
Dogecoin (DOGE) recently saw its momentum turn bearish after selling pressure pushed the price down to the $0.086 support zone. However, Bitcoin (BTC) recovered overnight and asset prices rebounded across markets.
AMBCrypto reported the performance of meme coins in 2023 and noted that DOGE has shown signs of short-term bearish sentiment in the futures market. Can the bulls reverse these developments soon?
The November high was reviewed as support.
A look at the 12-hour price chart shows that a bearish market structure has developed. The RSI then fell to 41.5, indicating a change in momentum.
However, OBV stubbornly held on to the support levels it defended throughout December.
In mid-November, DOGE price reached the $0.085 region. It was a strong resistance level at the time and plummeted to $0.07. Buyers have since breached this and tested again with the support area highlighted in turquoise.
On December 18, prices in this area fell once again, but then rose immediately. This showed buyer strength, but the price was now at lower resistance at $0.0928.
The increase in active addresses was encouraging.
The number of active addresses has been increasing since mid-November. This indicates increased user engagement and increased demand for DOGE. The indicator was near a three-month high at the time of going to press.
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Social volume was strong in early December but has since declined. However, it was higher than in October and the first half of November.
The dormant circulation saw a big surge on December 12 when the price reached $0.097. This meant increased token movement and was a sign of a surge in sales activity, while the price fell, reinforcing this idea.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.