New Delhi: Elon Musk’s favorite cryptocurrency Dogecoin has been stuck in a price range for around 6 months. Though the coin saw some seesaw price moment but was rejected many times by the selling pressure. The price action has annoyed the holders but there is a piece of good news as Dogecoin has a continuous support by the bulls which can be seen around the green ascending trend line.
As per experts, the coin is squeezing the lower highs and higher lows, a bullish breakout towards $0.52 is expected anytime soon. DOGE has witnessed an increase in buy-side volume since September and with these opportunities, bulls can easily add some more weight for the new long positions.
Dogecoin’s descending trend line from the top side looks a bit weak with just one price retest two weeks ago. The strength of the descending top line is still questionable as it is still missing the third test. It is expected that DOGE will eventually break above the current level as buy volume has been mounting which is too big for the sellers to match.
As per analysts, Dogecoin will hit the previous high from mid-August, and the monthly R1 resistance level at $0.35. Further acceleration towards $0.53 price level is possible with no bears present for any counterweight.
It is important for the backbone to hold down the pressure otherwise the price level can drop to $0.20. From the past few weeks, this price level has been the S1 support level and has not seen any tests yet. Any break below the trend line would by bulls will result in an upward swing for the coin.
