Dogecoin price is currently feared to revisit lower levels, yet a substantial rebound may flip the downtrend soon
The price is expected to go parabolic to hit the upper strong resistance levels above $0.38 to hit $0.4
The fresh market plunge has dragged most of the crypto-assets towards their respective support zones. With the most dominant asset Bitcoin feared to plunge below $44,000, many altcoins seem to have lost the grip. Dogecoin price had surged above $0.35 and the next stop at $0.4 appeared pretty clear. Yet with the fresh downtrend, the DOGE price could revisit lower levels below $0.27.
Yet considering the current market trend, the current plunge tend to flip very soon. Also can be termed as a healthy correction. Dogecoin was many times predicted to be dead due to lessening volatility and social activity. However, as the market flipped the bearish divergence, DOGE quickly rebounded to hit $0.35.
Currently, the price rejected the bullish trend and slumped below the trend line and trending within crucial support zones. The levels between $0.27 and $0.29 could be very important as the zones are pretty decisive.
The asset needs to sustain above these critical levels in order to keep the bullish momentum intact. However, the possibilities of a drastic plunge to the lower levels appear pretty less as a tough competition between the bulls and the bears prevails. And moreover, the MACD has not pointed out any bearish divergence yet the RSI has dropped but is on the verge of a rebound.
The Dogecoin price could bounce from the current levels to the initial resistance around $0.31. And further, continue to test the upper resistance at $0.4 and hence showcasing the possibilities to test the target at $1. Else the DOGE price could continue to trend within a narrow margin until a substantial push or huge positive market sentiments uplift the price.