Dogecoin price is going through a pretty tough phase as huge slumps are laid down its way to $1
The inverse parabolic move raises concerns over the bull run as the price is losing its grip and sliding towards the lower levels
Dogecoin price nowadays has lost the plot as it is not able to break the barriers and tests lower lows. The popular token which was a great example of ‘buy the rumour, sell the news’ is getting exhausted day by day. Many analysts do consider the asset still as a meme and do not see a bigger boost in short term.
Interestingly, the other bunch of popular personalities do support the token and accumulated at a decent dip. Moreover, the ample of mentions from these people gave enough boost to hit 75 cents from less than a cent. But the present case appears to be completely different as the DOGE price is struggling to hold $0.21 levels.
Moreover, if the price completes the probable inverse parabolic move, then it would be pretty tough for the dogecoin community to uplift the price. As the key resistance area is diminishing at a faster pace from $0.27 to $0.25 and finally at $0.23.
As the above chart display, the trading volume has also depleted considerably but in the last 24 hours, a notable spike is seen. On the other hand, the price stands strong above $0.2 and sustains above the trend line. Currently, the most important for the price is to sustain above $0.21 and test the 50-day MA levels at $0.23.
It is not the first time the popular meme token is going inversely parabolic. Rather each time dogecoin price rebounded with a good margin. No doubt the current one is slightly larger than the other patterns, yet a decent recovery may be fast approaching for DOGE price.