Dogecoin recently experienced a 19% retracement from the previous weekend, sparking interest among buyers. This dip also led to a surge in retail interest, as reflected by the increase in new addresses on-chain during the price drop. Despite the temporary setback, the overall market sentiment remained strongly bullish, indicating that there could be more room for a rally.
Taking a closer look at the charts, Dogecoin’s long-term signs and 1-day structure suggested that the meme coin was still undervalued. The MVRV ratio highlighted this undervaluation, hinting at a potential for further upside.
On the 1-day chart, Dogecoin exhibited a bullish structure, albeit with a minor retracement. The On-Balance Volume (OBV) indicated an uptrend, but the recent rejection at $0.26 resulted in high selling pressure. While the Relative Strength Index (RSI) remained above 50, signaling bullish momentum, the Fibonacci levels showed that Dogecoin found support at the 50% retracement level of $0.212.
Moving to the 4-hour chart, Dogecoin’s defense of the $0.212 retracement level led to a bullish market structure break. However, the OBV had not yet surpassed the highs from May 16, suggesting weak buying volume. This could potentially lead to another dip to $0.212 or lower before a sustained rally.
In terms of market sentiment, the longs vs. shorts data from Coinglass indicated a nearly equal taker buy/sell volume, reflecting a balanced short-term outlook. Additionally, the majority of accounts were long traders, accounting for 75% of total accounts over the past month.
In conclusion, while Dogecoin faced a brief retracement, the overall market sentiment remained positive. The charts suggested that there could be more upside potential for Dogecoin, provided that buying volume picks up. As always, it is essential to conduct thorough research and consider various factors before making any financial decisions. The Benefits of Regular Exercise
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