The post Dogecoin Price Analysis: Here’s When DOGE Price Could Trigger a 35% Upswing! appeared first on Coinpedia Fintech News
With the growing market sentiments, the memecoins had gained centre stage as the popular ones like PEPE, FLOKI, BONK, etc., and a few more traded with huge volumes. This compelled the top memecoin, Dogecoin, to maintain a silent trend as the traders had shifted their focus away from the token. However, the DOGE price is about to demonstrate a pivotal move, which may attract huge volume in the coming days.
The DOGE price is consolidating under the bearish heat throughout the 2021–22 bear market, which was broken early this year. This also included a huge drop in volume, which had been carried over until the recent upswing. However, the bear restricted the rally at $0.22 and slashed the prices hard to close to $0.1 in no time. Now that the price is experiencing an excessive squeeze, a breakout appears to be imminent, but here’s when it could take place.
The daily chart of Dogecoin suggests the price is following a pattern of prolonged accumulation for over a couple of years. However, the ongoing accumulation is expected to end in a few weeks, which may trigger a fresh rise soon. Besides, the technicals flashed mixed signals, which suggests the price is expected to maintain a descending trend for some more time than expected.
The MACD is close to flipping into a bullish trend by accomplishing a bullish crossover. On the other hand, the RSI has initiated a bearish divergence, which suggests the strength of the rally remains below average. Hence, the DOGE price may continue to maintain a descending consolidation within the falling wedge. However, the price is consolidating along the support line at $0.1 and hence an upswing appears imminent, which may elevate the levels close to the resistance.
Besides, if the bears continue to exert more pressure, then a drop to the support of the wedge close to $0.88 may occur, followed by a rebound and a strong breakout to $1.2.