Bitcoin (BTC), alongside the rest of the crypto market, embarked on a bright start last Monday (May 29th) but incurred losses in the following days. Bitcoin saw a decline of nearly 6% while Dogecoin (DOGE) experienced a 4.7% dip reaching $0.0705 on Wednesday, May 31st.
How Many Dollars is Dogecoin?
Later, the meme coin witnessed some demand from investors, and prices escalated to $0.0733. The higher timeframe trend indicated a decline for the past six weeks after the rejection of the periodic peak of $0.095.
Weekend price movements rarely embody strong trends, and trading volumes likely trace a lower path than on weekdays. This scenario was also true for DOGE this past weekend. Although the RSI was above neutral 50, the market structure was not bullish.
From May onwards, Dogecoin traded in a range (yellow) spanning from $0.069 to $0.075. In addition, there was short-term resistance at the $0.074 level, which DOGE bulls have failed to overcome since May 19th.
Throughout the past week, the A/D indicator climbed higher, indicating an increase in buying pressure. However, this might have resulted from a buying frenzy that pushed prices above the $0.072 level on Friday, June 2nd.
Latest Situation in Dogecoin
This represented a significant resistance since it stood for the median range value. In general, Dogecoin lacked bullish momentum, and a bearish trend around the $0.074-$0.075 resistance zone was anticipated. Currently, the price continues to trade at the $0.07277 level.
Over the past two weeks, Dogecoin did not see significant demand, but there was a minor increase in buying pressure in June. Despite repeated rejections at the $0.074 level, bulls appeared ready for another shot with renewed strength.
From Thursday, June 1st, Open Interest steadily increased. According to Coinalyze, a contract increase worth $18 million occurred. Meanwhile, the DOGE price also climbed nearly 3%. Combined, this signaled an uptrend in the market.
However, the spot CVD, which entered a downtrend at the end of May, only saw a minor bounce on Friday and then traded sideways.
