Source: DOGE/USDT on TradingView
Sellers proved their strength once more as DOGE retested the $0.09-$0.1 zone. At that time, a bearish divergence was seen as well. In yellow, a range from $0.079-$0.092 was highlighted. It can be seen that the mid-point of this range, at $0.086, has acted as support and resistance over the past month.
From a risk-to-reward perspective, buying DOGE in the $0.078-$0.082 area can be profitable over the next week or two. Bulls can look to book profits at the mid-range mark and the range high at $0.086 and $0.092 levels respectively.The 30-day MVRV ratio dipped below zero as selling pressure intensified over the past few days. A spike in the 90-day dormant circulation of DOGE was also seen. This suggested a moderate amount of DOGE was moved, which reinforced the idea of selling pressure.
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