Price Analysis

Dogecoin Price Plunges Close $0.2 After A Day Of Moon-Ride!

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Highlights

    Dogecoin price after a notable rally above $0.22, sheds all the gains and trends around its previous zones

    The narrow trend of the price could be a matter of concern, yet the fresh day trade is pointing for a probable recovery

The previous day was pretty interesting as most of the cryptocurrencies had a notable rally after a month-long bearish trend. The Bitcoin price failed to sustain above $40,000 for the fourth time, yet a strong momentum is still indicating to attain these levels very soon. On the other hand, dogecoin price also carried out with the flow and gained nearly 20%. 

Yet, with the markets setting out with higher highs, the bears jumped into action and slashed all the gains earned amid the uptrend. Despite the massive downtrend, yet the DOGE price showcases a tendency to rally high as the buying is getting accumulated in the past couple of hours. 

Also Read: Dogecoin Price Shoots up 16%! Is DOGE Price Back on Track to Hit $1 in 2021?

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Interestingly, the price did not remain under $0.2 despite a huge sell-off and quickly regained the position. Currently, the DOGE price is attempting hard to break the immediate resistance levels at $0.2042. And subsequently test 50-day MA at $0.2066. These levels could be the upper levels after which a substantial uptrend can be validated.

The current breakout which looks similar to a fake-out could again form similar price movements as a tough fight may arise between the bulls and the bears. But as of the dogecoin price is attempting hard to sustain above $0.2 levels. Yet as far as the DOGE price remains above the 200-day MA, then the possibilities of an uptrend remain high.

Also Read: Elon Musk Tweet Is Out, Yet Dogecoin Price Is Lifeless! What’s Next?

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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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