Dogecoin (DOGE) Bulls Unable to Defend $0.37 Zone, What’s Next?

Dogecoin [DOGE] was down by 9.7% in the 24 hours preceding press time, but its trading volume was up nearly 89%. This huge influx can be largely

Dogecoin (CRYPTO: DOGE) was trading lower on Friday after posting a gain of nearly 89% in trading volume over the past 24 hours.

The Meme coin was down 9.7% over the past 24 hours to trade at $0.36 by press time.

Dogecoin's trading volume over the past 24 hours.

The selling occurred after DOGE failed to break above the $0.375 level on Thursday.

Dogecoin's price action on Friday morning appeared to be headed toward the $0.336 level, which served as a lower timeframe consolidation zone before an impulse move higher on Friday, January 3.

Dogecoin's price action on Friday morning appeared to be headed toward the $0.336 level, which served as a lower timeframe consolidation zone before an impulse move higher on Friday, January 3.

The Awesome Oscillator on the six-hour chart showed that bullish momentum was waning.

The Directional Movement Index (DMI) also showed a slowdown in the bullish trend, with the -DI (red) crossing above the +DI (green).

A look at the liquidation heatmap for the past month showed that the $0.42 area was the strongest magnetic zone nearby.

The $0.3 area was also of interest. Additional bearishness from Bitcoin (CRYPTO: BTC) could lead to a Dogecoin drop toward the $0.3 liquidity pool.

These liquidity pockets are key support/resistance zones that could踽instantiate a short-term price reversal.

On the higher timeframes, such as the daily, the market structure of DOGE was bullish, although the $0.37 region was an important and highly contested sector.

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