Dogecoin experiences bullish momentum but faces resistance at $0.086 after failing to reclaim the 78.6% Fibonacci retracement level. Chainlink (LINK) overtakes DOGE in market capitalization.
Dogecoin [DOGE] experienced a notable transaction by a large holder on February 15th, leading to a temporary price dip followed by a strong recovery. Nevertheless, despite the upward momentum, the bulls struggled to reclaim the 78.6% Fibonacci retracement level.
Meanwhile, the meme-inspired cryptocurrency briefly surged into the top 10 cryptocurrencies by market capitalization. However, Chainlink [LINK] swiftly surpassed DOGE, pushing it down to the 11th position.
Following the drop from $0.0944 to $0.075 in early 2024, Fibonacci retracement levels (depicted in pale yellow) were identified. Additionally, a bearish order block at the $0.084 region was highlighted in cyan on the 12-hour chart.
These indicators emphasized the persistent resistance observed in the $0.083-$0.086 range. Despite more than a month of attempts, DOGE bulls recently managed to break past this resistance.
However, despite bullish signals from the market structure and RSI momentum, caution was advised. The On-Balance Volume (OBV) had yet to surpass earlier highs set this year, indicating relatively weak buying volume despite price increases.
A minor dip occurred in the past 12 hours, prompted by the 78.6% retracement level at $0.09. DOGE was trading at $0.086 once again, suggesting a potential buying opportunity as it retests the former resistance zone. Yet, there remains uncertainty: Will this be embraced as a buying opportunity by bulls, or does it