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Dogecoin Lost 4.58% Wednesday in Market Correction
Cryptocurrencies Still Retain Bullish Bias
DOGE is a bullish buy signal at the $0.09 support zone.
An intraday loss of 4.58% may not be good news for holding investors. dogecoin (DOGE/USD). But it sounds good to investors looking to get their hands on the memetic cryptocurrency. This is because DOGE slides back to the critical breakout level that is now supported. The level is a buy zone as long as DOGE confirms a bullish reversal.
DOGE’s deal is consistent with endless speculation that Twitter will use cryptocurrencies as a payment method. Even as most cryptocurrencies continue to struggle, DOGE is giving investors hope that a recovery is imminent. Since the FTX-inspired rally, DOGE has continued its slow recovery. Buyers are also paying attention.
According to the DOGE Holder Distribution Index, nearly 70% of cryptocurrency buyers have held for more than one year. These are holders who believe they will return to their previous highs, unlike short-term traders who exit at the next profit level. But apart from this important fundamental, DOGE is currently attractive to short-term buyers, as the following technical indicators show.
The outlook on the daily chart shows DOGE retesting support at $0.09. This is because the price rejected at the 50% Fibonacci retracement level which coincides with the $0.10 price. The slowdown has resulted in a drop in the RSI, but the reading is still above the midpoint.
A potential move to the $0.09 support could herald an upside. The support is also in line with the 20- and 50-day moving averages, indicating a confluence of DOGE price action.
$0.09 support activates bullish reversal signal Buy Dogecoin. The reversal sets DOGE at $0.12, the 61.8% Fibonacci retracement zone.
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