Dogecoin, the most popular crypto once only for the reason that it skyrocketed like never before and unlike any crypto asset. The user base expanded greatly, making room for well-known personalities and many celebrities as well. Many believed that Elon Musk would take the price of DOGE to the moon, but the asset showed an opposite rally. The asset fell sharply without showing a possibility of trend reversal.
After plummeting by over 83% from its highs, DOGE price is now showing some strength. The asset is constantly testing the trend line and appears to have firmly decided on a breakout. And thus it maintained a decent rally in the early days of February. Unfortunately, a couple of sell-offs dragged the price into the descending triangle once again. However, the asset without losing much of its value quickly handled the shaking situation. And I was floating in limited range levels and now finally trying to get through the levels.
As mentioned on the chart, DOGE price is testing the trend line again but hard since it started its decline. Furthermore, the price currently appears to be extremely balanced as it refuses to drop below these levels despite pullbacks. And it’s also nearing the apex of a huge bearish triangle, refusing to drop any further. Therefore, the coming week may see a decent jump in Dogecoin price. Where it could break through the consolidation and reach a range high to hit the demand area at $0.21.
The levels between $0.21 and $0.22 is a decent demand area as many buyers can enter these levels. As the asset seemed very uncertain of its recovery below $0.2, the buyers are afraid to open their positions. Once a lot of buying pressure builds at these levels, it can be quite easy for the asset to rally towards the strong resistance at $0.3. However, the bears can become quite active at these levels, while the bulls here can rest assured that the rally will not have a major impact on the rally.
This post Dogecoin (DOGE) price again tries to break the downtrend!
was published first on https://coinpedia.org/price-analysis/dogecoin-doge-price-again-attempting-to-break-the-descending-trend/