Dogecoin has been in consolidation for over a year, with the market bouncing several times, yet finding resistance at the $0.1 level. Despite this, bulls will still try to push the market above $0.1 as long as it holds above $0.06. For this to happen, the critical level to break and hold above is $0.08, which would invalidate the series of lower highs and shift the bias from bearish to bullish.
Volatility in the cryptocurrency market is not as high as it used to be, so traders must take into account what drives the traditional currency market. This means looking at the US dollar, which might be impacted by the upcoming NFP report. If the report disappoints, it could continue the downward trend that started after the JOLTS report.
In conclusion, Dogecoin remains bearish while below $0.08, but a weak US dollar might matter more for its future.
