Price Analysis

Dogecoin Price Feared To Plunge Below $0.2, Will Bulls Trigger An Uptrend?

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Highlights

    Dogecoin price after a pretty long downtrend had surged quietly with a couple of large green candles

    The steep crash is awaited for the price in the coming days that could drag the price close to $0.15

    Conversely, with bullish market sentiments, the price could rather uplift itself than undergo a downtrend

The crypto space is being much volatile with frequent pumps and dumps as the Bitcoin price appears to have broken the barriers. Despite a massive bullish sentiment DOGE price failed to maintain an uptrend. No doubt for some instance price broke the upper resistance but within a very short period of time, re-entered the channel.

Therefore, the compressed trend of price has raised concerns over the crypto space. Some predict a probable uptrend upcoming while other chunks of analysts believe lower levels are yet to be visited. An analyst FOREXN1 predicts the price could slide down below $0.2 by mid of august. 

As per the chart posted by the analyst, the price had initiated ranging within an ascending parallel channel. But with a fresh day plunge, the price broke down the channel in the daily chart that could fuel the plunge. However, on the contrary, the market sentiments are pretty bullish as the BTC prices are expected to recover. And hence the probability of an extended downtrend may not be on the cards. 

dogecoinjump

After hitting the lows a couple of times, the price initiated an uptrend and is marching along the trend line. As mentioned the market sentiments are pretty bullish, the price could keep surging until it hits the initial resistance levels at $0.28. Furthermore, efforts are required to march towards the upper strong resistance at $0.42 to $0.46. No doubt some pullbacks may also make their way out, yet the uptrend could be imminent. 

Overall, the dogecoin price could experience slight bitter days with a minute pullback close to the support levels. However, a substantial surge could follow with an aim to hit the upper resistance levels. With the positive market trend, DOGE price could also intend to have a pretty fair uptrend. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

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