Dogecoin Cloud Mining

Dogecoin cloud mining refers to the process by which cloud mining service providers are rewarded with new Dogecoins by checking transactions on the Dogecoin blockchain.

Dogecoin price is struggling to maintain the crucial Fib level.

This area is ideal for re-accumulation, and Model 2 suggests it’s being used.

A GTI Convergence indicator suggests a bullish bias.

Dogecoin price is struggling to maintain a crucial Fib level as bulls attempt to regroup following a brief pullback.

Related Reading: Dogecoin (CRYPTO: DOGE) price is struggling to maintain a crucial Fib level as bulls attempt to regroup following a brief pullback.

Dogecoin Struggles To Break Through Fib Level

On Friday, Dogecoin price is struggling to maintain the 61.8 Fib retracement level at $0.68, which is being tested by bears. This Fib level is significant as it represents a potential pullback target for smart investors who may be looking to enter the market at a better price point to obtain more liquidity.

If this area breaks, the next Fib level to watch is the 50 Fib at $0.63, which could provide another opportunity for bears to put pressure on the cryptocurrency. However, if bulls can manage to defend the 61.8 Fib level and push higher, they may be able to reach the next Fib level at $0.78, where they could face resistance from bears.

Also, hit a clear order block, which was the last bullish candle before the major breakout. This area is ideal for re-accumulation, and Model 2 suggests that this area is being used by large investors who are often seen manipulating the market to form a weak hand. They usually exit this area but return to re-enter in order to continue accumulating more liquidity.

The GTI Convergence indicator, which measures the convergence or divergence of three moving averages, suggests that there is a bullish bias in the short term. The indicator is currently showing a reading of 1, which indicates that the short-term moving average is converging with the mid-term moving average, while the long-term moving average is lagging behind. This divergence is typically seen in trending markets, and in this case, it suggests that the short-term trend is bullish.

Dogecoin Price Analysis: GTI Convergence Suggests Bullish Bias

Overall, the technical analysis suggests that the balance of power has shifted slightly in favor of bears, but bulls are still holding strong. The outcome of the battle between these two camps will decide the fate of Dogecoin price in the days to come.

A GTI Convergence indicator suggests that there is a bullish bias in the short term. The indicator is currently showing a reading of 1, which indicates that the short-term moving average is converging with the mid-term moving average, while the long-term moving average is lagging behind. This divergence is typically seen in trending markets, and in this case, it suggests that the short-term trend is bullish.

The indicator has been trending upwards since mid-December, and it has crossed into positive territory on several occasions, suggesting that the bulls have been gaining strength. However, the indicator did not manage to maintain its positive bias, and it dropped back into negative territory on December 28. This shift in momentum suggests that the bears were able to put in some pressure and slow down the bullish trend.

Despite this setback, the bulls were able to regroup and push the indicator back into positive territory on January 4. This move suggests that the bulls were able to regain control of the price and continue trending upwards.

The GTI Convergence indicator is a useful tool for traders who are looking to identify the short-term trend and make trading decisions accordingly. Traders who are looking to go long could look for an opportunity to enter when the indicator crosses into positive territory, while traders who are looking to go short could look for an opportunity to enter when the indicator crosses into negative territory. It is important to note that the GTI Convergence indicator is a lagging indicator, so it should not be used as the sole basis for making trading decisions.

The post Dogecoin Struggles To Maintain Crucial Fib Level As Bulls Attempt To Regroup appeared first on Investing Cube.

News data source: kdj.com

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