$DOGE 's hourly candle at 10 a.m. today traded 286 million coins—more than ten times the volume of the previous few hours—and plunged as low as 0.0777. 0.0800 was the invalidation level I marked yesterday; on February 6, it stopped at 0.08001. This time, it was pierced by 2.9%.
Then it climbed back on its own. That candle closed at 0.0802. The 1 p.m. and 2 p.m. candles closed below the level again, but the 3 p.m. candle closed back above it. Since then, not one candle has closed below. Hourly volume has dropped back to the low tens of millions. The sellers have left, but buyers haven't shown up either.
The backdrop: CPI came in scorching hot last night, BTC fell to around 82,000, and the market-wide median was down nearly 7%. $DOGE fell 3% on the day. Yesterday I said the debate over Bitwise closing its ETF was focused on the wrong thing—and today, it really wasn't the source of the selloff.
But don't mistake this for strength. Binance perpetual funding rates turned negative today. The level is holding because nobody is selling, not because anyone is buying.
If the daily candle closes below 0.0800, this post and yesterday's post are both invalidated. Below that is the basin formed by 58 days of consolidation last summer between 0.068 and 0.075, with a low of 0.0677. If it can close above this level tonight, even on a day like this with CPI, then the level will have proven itself.
#DOGE #Dogecoin
Then it climbed back on its own. That candle closed at 0.0802. The 1 p.m. and 2 p.m. candles closed below the level again, but the 3 p.m. candle closed back above it. Since then, not one candle has closed below. Hourly volume has dropped back to the low tens of millions. The sellers have left, but buyers haven't shown up either.
The backdrop: CPI came in scorching hot last night, BTC fell to around 82,000, and the market-wide median was down nearly 7%. $DOGE fell 3% on the day. Yesterday I said the debate over Bitwise closing its ETF was focused on the wrong thing—and today, it really wasn't the source of the selloff.
But don't mistake this for strength. Binance perpetual funding rates turned negative today. The level is holding because nobody is selling, not because anyone is buying.
If the daily candle closes below 0.0800, this post and yesterday's post are both invalidated. Below that is the basin formed by 58 days of consolidation last summer between 0.068 and 0.075, with a low of 0.0677. If it can close above this level tonight, even on a day like this with CPI, then the level will have proven itself.
#DOGE #Dogecoin