Bears Are Trying Hard To Drop Dogecoin To $0.4 – But Here’s What To Expect For DOGE Price Rally
Dogecoin price rebounded strongly in the last trading day. This ensured that the token did not breach the critical range and the presence of bulls. Currently, the price of DOGE is experiencing significant bearish action, which could push the levels lower, providing a good buying range for bulls and whales.
Since the last few days, whales have accumulated more than 150 million DOGE while continuously accumulating tokens. Additionally, large transactions between $100k and $1m have increased significantly. This shows that the whales are continuing the same pattern as before, gathering at the lows around $0.4. After the price faced equal pressure on both sides, the bears are trying hard to lower the mark.
With buyer strength waning, will the price of DOGE again mark the lows of $0.4?
The price of the DOGE suggests that the bulls are relaxing a bit after showing acute strength in the past few weeks. Bowling bands begin to contract as they expand exponentially and volume declines. Currently, the bands are parallel to each other, indicating a period of low volatility. The price stuck in a congruent triangle is expected to consolidate in a narrow range, indicating a sideways market trend with limited price movement.
On the other hand, the RSI is declining, creating lower highs and lower lows, confirming bearish consolidation. Therefore, it is believed that the price of DOGE will remain firm in the pennant for the next 10 days until it reaches the top of the system. At the moment, market participants are focusing on the top 2 tokens, Bitcoin and Ethereum, and therefore, after booking some profits, the liquidity flow can return to the traditional altcoins.
Therefore, the price target of $0.55 to $0.6 for Dogecoin remains intact, which can be reached before the end of 2024.
