Price Analysis

Dogecoin (DOGE) Price at the Foothill of Massive Explosion, May Undergo 10x Rally Very Soon

Author: Sohrab Khawas

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    Story Highlights
    • Dogecoin price appears to be preparing to manifest a gigantic upswing that may elevate the price by a 3-digit figure margin very soon

    • The current market conditions are not in favour of the bulls, however, the DOGE price may quickly rise gaining an opportunity to rise beyond the bearish captivity

    The crypto space is undergoing a roller coaster ride ever since the markets tumbled in H1 of 2022. Undoubtedly, the bulls attempted at each level to hold back the price, but the bears were pre-determined to restrict the price rally under the pivotal levels.

    Dogecoin price also underwent a significant upswing recently which uplifted the position within the top 10. 

    Ever since the FTX-led crypto crash compelled the price to drop from $0.101 to reach the lower support at $0.07.

    Further, the asset maintained a stagnant trend, mainly due to a huge drop in the trading volume that hampered the volatility to a larger extent.

    Meanwhile, the price action also indicates the preparedness of the token to ignite a notable upswing at the earliest. 

    Trading view

    The Dogecoin price despite being trading within a descending trend for quite a long time has been trading within a bullish ascending pennant.

    The crypto space at the moment is experiencing a fresh wave of bearish movements, due to which the price may slice down from the pennant.

    However, it could be only for a short while that may certainly be flipped by the bulls very quickly. 

    The interim target may lie around $0.1, sustaining above which may ignite a significant upswing towards the next target beyond $0.12.

    Once the DOGE price reclaims the position above the monthly highs above $0.16, the possibility of a larger price action is certified.

    However, the main target lies around $0.2, that may ignite a bullish wave in the entire crypto space in the coming days. 

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