Dogecoin can break past this bearish barrier, but caution is necessary for

Dogecoin

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Categories: Cryptocurrency

Bitcoin [BTC] managed to hold on to the $19.8k mark and even forced its snout back above the $21k mark. Yet, the longer-term market structure remained bearish for Bitcoin. It was bearish for Dogecoin [DOGE] as well. Dogecoin traded at $0.73 in the summer of 2021 but has fallen 90% in the past 14 months.It is now sitting below a resistance area, and last week's gains could be quickly erased. DOGE has been on a consistent downtrend in recent weeks, especially since the $0.17 pump in early April.Going farther on the chart, DOGE has been on a higher time frame downtrend since August 2021. This would make it a 10-month downtrend, separated by a shorter time frame of bullish rallies that quickly sold out. The Fibonacci Retracement level (Yellow) was formed based on the DOGE decline from $0.179 to $0.0689.

Dogecoin ,Bitcoin, Fibonacci Retracement, Cryptocurrency

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