Dogecoin’s $0.104 flip: Bullish milestone or a high-stakes bull trap?

Dogecoin [DOGE] has broken out of a two-month range formation that extended from $0.088 to $0.104. The rally was accompanied by above-average trading volume, even though Bitcoin [BTC] was moving sideways within the $76k-$78k zone. More than a month ago, AMBCrypto had warned that a sweep of the $0.088 lows could result in a rebound toward the range highs. The recent triangle pattern and the subsequent bullish breakout were spurred by the bullish shift in its spot ETF flows, wrote AMBCrypto. With the $0.104 level flipped to support, it is time for traders to look for buying opportunities once again. Or is it? The potential for a Dogecoin bull trap Examining the 1-day swing structure, DOGE still maintained a bearish long-term outlook. Even though the bulls have defended the $0.088 support level commendably since February, the $0.127 swing high remained a lower high in the downtrend. Operating within this framework, traders can use the bullish internal structure shift (green) and the subsequent retest as a short-term buying opportunity. The $0.1095-$0.1175 levels can be used to take profits. The OBV was making new local highs to indicate steady buying pressure. The CMF, which is calculated slightly differently and gives weightage to price movements as well as capital flows, remained below -0.05, showing buying pressure was not steady on the 1-day timeframe. In other words, the CMF signaled distribution while the OBV signaled buyer pressure. The MACD was above zero and showed that bullish momentum was prevalent. The CMF and OBV were not the only conflicting signals. Dogecoin has not set new lows below $0.088 since February and has made an internal bullish structure shift. There's an argument to be made that the price structure was veering in favor of the bulls. Traders' call to action - Wait The volume indicators were not in agreement, and the price action suggested a rally beyond the $0.127 high was possible. Technically, the $0.1175 level should see a bearish reaction. However, the bullish argument that no new lows were made to signal a bearish continuation was also valid. Therefore, traders can wait for a bearish reaction from $0.1175, such as a bearish engulfing candle or a lower timeframe structure shift, to sell DOGE. Meanwhile, a daily session close above $0.127 would signal a bullish trend shift. Final Summary The OBV and CMF volume indicators were not in agreement about the next Dogecoin price move. The price action was at a decisive point—the next swing move's direction would be determined in the $0.117-$0.127 region.