Dogecoin [DOGE] had a bearish outlook on the higher timeframe charts as it continued to form lower highs on the chart. The $0.095 and $0.111 are the levels of resistance to watch out for. Dogecoin was trading at $0.08 at the time of writing, but it had strong selling pressure over the past couple of months.
A Bitcoin surge might see a Dogecoin rally as well, but this might not reverse the downtrend that DOGE has been on since last November.
The market structure of DOGE has been strongly bearish since April. There have been some wicked bull traps since April began, such as the one on 25 April where the price rose from $0.124 to $0.164, before reversing just 36 hours later.In late May as well, the price surged from $0.077 to $0.09 before falling back to the $0.08 level a few days later.
Dogecoin does not offer a buying opportunity, especially not to the risk-averse investor. A retest of the $0.09 or the $0.0905 level, if it presents itself in the next few weeks, would be for selling.
A session close above $0.095, and a retest as support from above, could be indicative of a move toward $0.111.
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