Dogecoin traders rejoice after recent pump- but is it too soon to celebrate

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Dogecoin registered gains of 9.4% within the 12 hours preceding the time of writing. This was a trend across the crypto market, but this move brought many altcoins right into a zone of resistance. Dogecoin was one of them.

Realistic or not, here’s DOGE’s market cap in BTC’s terms

In the short term, the bulls definitely have the upper hand- but their push could be exhausted. Bitcoin was also in a zone of resistance.

The fear around USDC and stablecoins after the SVB collapse might or might not incite further panic, but the technical analysis of Dogecoin painted a bearish picture on the higher timeframes.

Source: DOGE/USDT on TradingView

Dogecoin fell sharply beneath the range lows of $0.08 on 3 March and has been on a sharp downward move since then. It briefly halted at the $0.073 support level before crashing to the $0.065 mark. In doing so, it broke beneath the bullish order block at $0.066 and flipped it to a bearish breaker (red).

This breaker block had confluence with an imbalance (white) that DOGE left on the charts over the past few days. At the time of writing, this gap had been filled but the price was yet to close a daily trading session above the breaker.

Even if it does move past the breaker, the structure on the daily timeframe would remain bearish until Dogecoin can beat the recent lower high at $0.076.

If DOGE saw a rejection near the $0.0715 mark, dipped lower to form a higher low, and move past the $0.073 resistance level, bulls can take heart.

How much are 1, 10, or 100 DOGE worth today?

This was one of the many scenarios that can unfold. Another was that DOGE bulls