Dogecoin is unable to interrupt above the $0.1 resistance degree. It did not rally in 2023

Dogecoin is unable to interrupt above the $0.1 resistance degree
It did not rally in 2023
If Bitcoin offers up a few of its 2023 features, Dogecoin ought to retest the lows

Dogecoin is the ninth cryptocurrency when it comes to market capitalization, and it had fairly a day yesterday. It jumped 5% as Elon Musk, CEO of Tesla and SpaceX, tweeted that the Starship launch might happen on Doge Day.

However that spike was not sufficient for a sustained bullish run. The truth is, Dogecoin is down over 8% within the final 24h, because the $0.1 degree nonetheless offers stiff resistance.

So what to anticipate from Dogecoin value transferring ahead? What does technical evaluation say?

Dogecoin chart by TradingView

Dogecoin stays bearish whereas under $0.1

Dogecoin value soared 23,000% in 2021 in what gave the impression to be a rally that may by no means cease. However the market shaped a contracting triangle that acted as a reversal sample.

By the tip of the identical yr, Dogecoin had given up most of its features. Nevertheless, because it turned out to be, it was solely the start of a bear market that lasted into 2022 and past.

For the reason that begin of 2023, main cryptocurrencies like Bitcoin noticed their value surging. Sadly, it was not the case with Dogecoin, which nonetheless finds stiff resistance at $0.1.

Subsequently, whereas under resistance, the bias stays bearish. What if Bitcoin corrects from the 2023 highs? If it does so, then Dogecoin will eye a brand new take a look at on the all-important $0.05 assist degree.