Price Analysis

Dogecoin Has Entered the Demand Zone; Will the DOGE Price Receive the Required Liquidity to Surge High?

Author: Sahana Vibhute

Sahana Vibhute right arrow

Author

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Highlights
  • Dogecoin price recovers slightly after finding the lows below $0.06 which is assumed to be fueled by the recent Bitcoin sell-offs

  • The correction could have been a good time to accumulate some, however, the market participants may expect a 10% jump soon

After rising notably in the past couple of days, the Dogecoin price dropped and nullified the gains incurred. While some investors believe the asset may continue to drop harder, the asset is preparing to display a contrast rally ahead. Therefore, one can expect a notable upswing if the Bitcoin price halts its bearish trend for some time. 

The DOGE price presently has a good opportunity to rise above the multi-year declining trend and sweep equal highs at around $0.089. To do so, the DOGE price may need to undergo a 50% upswing, which appears to be a tedious job for the asset. However, the price continues to trade within the consolidated range and is heading towards the apex. 

The price has been trading within the descending triangle for more than 16 months, as the apex of the pattern has been extending. Without any major breakouts or breakdowns, the DOGE price continued to hover within the pattern. Hence, now when the volatility of the price has been reduced to a large extent, the price may be squeezed heavily. 

Further to this, the DOGE price may drop towards the lower support at around $0.039 before igniting a firm upswing to $0.08 initially and later beyond $0.1. However, the Bitcoin price continues to display a misty trend, unable to surpass $20,500 but holding tight above $18,500. Therefore, only if the BTC price breaks out of either of the price zones, the Dogecoin price may rise or drop accordingly.  

Show More

Was this writing helpful?

No Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button