Dogecoin analysis:

The price of Dogecoin ( DOGE ) has fallen rapidly over the past 48 hours, falling from $0.09 to $0.0769. That represents a 15% drop in two days.

However, buyers can expect a temporary relief from the selling pressure at the $0.0763 support level. This support level has triggered bullish rallies twice this year and could provide buyers with another opportunity to gain bullish momentum.

DOGE continues sideways price action

DOGE has been trading within a tight range over the past three weeks, with $0.0763 being the range low and $0.0877 being the range high. This provides short-term traders with the opportunity to "range trade".

Range trading involves buying a coin at the low of the range and taking profits at the high of the range. Short-term traders often use this strategy when the market has not yet established a clear trend.

Therefore, DOGE's drop to the range low once again presents a buying opportunity for day traders. Traders can wait for the bullish candle close on the four-hour time frame before entering a long position. If the price reverses to the range high of $0.08, this could result in a 15% profit margin for buyers.

Meanwhile, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) remain bearish with readings of 32 and -0.07 respectively.

Although this setup is lower risk, traders should proceed with caution as a breakout of the range low will expose DOGE to greater selling pressure. This could accelerate if current market sentiment remains bearish.

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