- The chances of a short-term dogecoin rebound increased as BTC returned above $ 106,000
- Dogecoin distribution phase, even if the MVRV report was negative, reported low bullish confidence
Dogecoin (DOGE) underwent a reverse last week when he faced a rejection at a level of key resistance at $ 0.2. Since then, he fell in the local hollow at $ 0.17. On Monday, Bitcoin (BTC) gathered from $ 105.6,000 to $ 108.4,000 – a gain of 2.72% when writing the editorial’s time.
More earnings could follow, but the macroeconomic situation appeared as dark as last week. In addition, tensions in the Middle East seem to be far from a resolution. In the middle of this dark background, the main same price action of the same has not changed a lower bias for long -term investors.
A recent Ambcrypto report underlined the state of the state of the hope of altcoins. The perpetuated market seemed to be preparing for something big. About 70% of altcoins at all levels have experienced notable long biases, and large capitalization assets have seen 60% of traders leaning for a long time. In fact, they expected a recovery after last week’s liquidation cascade.
Should Doges traders also move their optimistic bias?
Dogecoin retains its lowering shade for investors
In an article on X, the Crypto Ali Martinez analyst observed that the sequential TD had flashed several purchasing signals on the 12 -hour Dogecoin table. However, as indicated in a previous analysis, the HTF bias of Dogecoin has remained down.
An increased sales pressure on the Obro, combined with the lowering momentum of the RSI and the lower structure, meant that an escape beyond $ 0.2 can be extremely difficult.
Source: Santiment
A more in -depth examination of the behavior of the six -month or less dogecoin holders showed that a distribution phase was underway. The average age of the room, which has measured the average number of days that all Doge tokens have remained in their current addresses, is now the trend towards the south for a little more than five weeks.
This downward trend meant that Dogecoin was transferred detention addresses, probably for sale. Dormant traffic tips in the last month also highlighted the burst of chain activity.
Meanwhile, the 180 -day MVRV report was negative even if the main same has entered a distribution phase.
This could be a discouraging sign for investors. According to the TD Sequential and the rebound in Bitcoin, traders might want to go for a long time, but investors should remain wary.
