Price Analysis

Why Dogecoin Price Is Falling, Will, It Ever Hit $1 in 2021?

Highlights

    Dogecoin price appears to have lost the plot as the price seems to be misty about the upcoming movements

    The constant plunge if not retracted in time may also plunge below the cent mark very soon

As the entire crypto market is experiencing an extreme drain, Dogecoin price also trembles to a greater extent. But unlike the other crypto assets, DOGE price remains out of the race to regain the lost positions. The more it forms the lower lows, the more chances of getting distant from the immediate resistance. This could also lose the $0.1 mark in case the bulls failed to take control. And hence raises a huge question on whether Dogecoin is a good investment or no!

The current trend showcases a drop in the volume, however, the volume represents more of selling than buying. The price currently trends within a descending channel that initiated with a plunge since June end. Moreover, the compressed resistance and support levels also raise concerns over the upcoming price movements.  

Also Read: Is July 21 the Much-Awaited Catalyst for DOGE Army? Will Dogecoin Price Rebound Above $0.30 Level!

dogecoinchart

The squeezed Bollinger Bands however indicate the price failing to regain the bullish momentum. Moreover, the price maintaining within the middle and the lower band could keep up the claim. Price could still continue to oscillate and consolidate between these levels until it rejects either of one level. 

Also Read: LINK Price Is Testing The Weekly Lows, Will It Retrace To $22?

However, the dogecoin price would definitely attempt to break the middle band levels yet an uptrend cannot be valid until the upper resistance levels are attained. And hence bouncing back above $0.2 levels is mandatory in order to prevent further plunges. 

On the whole DOGE price appears completely in soup as it may have lost the plot. As the bulls still keep themselves distant, it’s difficult to ascertain whether Dogecoin price will ever go up?

However, as the crypto space is full of surprises, we never know what’s awaited for the price in the coming days!

Also Read: Cardano’s Alonzo Successfully Forked! Will ADA Price head Towards a Big Breakout?

Tags
Show More

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
Close
Close