Cryptocurrency investors recently rejoiced as Bitcoin jumped back to $30k. As the market leader in cryptocurrency, there is hope that other currencies will follow suit. However, Dogecoin is not one of them. The technical and fundamental pictures show a bearish bias.
Today, the US Gross Domestic Product was revised upwards and the Final GDP was much higher than expected at 2%, compared to the 1.4% expected. This has led to a rise in the value of the dollar, as suggested by Jerome Powell during this week’s speeches.
Dogecoin’s bearish trend persists as a series of lower lows and lower highs remain intact. The bulls will only be able to take control if they can close above $0.1. Until then, traders will likely sell anything that bounces. The descending triangle pattern suggests that the horizontal support is likely to fail soon.
In conclusion, the bearish bias remains and the bulls will only be able to take control if they close above $0.1. Until then, traders will likely sell anything that bounces.
