The crypto space since the early trading hours is trying to halt the consistent downtrend as Bitcoin price almost touched $43K levels. No doubt the bears are well performing their job, yet bulls appear to have gained a little strength.
And hence after a steep consolidation Dogecoin(DOGE) price is also expected to thrive soon gaining more than 30% before the end of the current month.
DOGE price after undergoing an acute downtrend from the past couple of months is attempting to hold at the crucial support levels strongly.
The price had plunged below the levels for some moments, but quickly regained the levels within the crucial zone again. Currently, the consolidation appears to be well within limits.
The DOGE price after re-entering the crucial support by flipping the lower trend line may consolidate within the region for sometime.
The upper trend line is pretty important as the asset has failed to slice through these levels ever since the rally turned bearish.
Therefore, if the asset crashes the upper downtrend line, then the possibilities of the price ranging towards the next resistance around $0.3 appears to be more prominent.
However, the asset tends to get exhausted every now and then and hence may yet again face a pullback once surpassed the upper trend line.
Collectively, DOGE price which is anticipated to be dead may re-establish its presence very soon. However, yet another evident reason for not going parabolic is always said to be its dependency on external factors.
Yet in the upcoming days, Dogecoin price could end the steep downtrend, laying the foundation for an healthy uptrend.