Key Takeaways
- DOGE price struggles to breakout above $0.3 as the market loses patience with its price range.
- Dogecoin must breakout above $0.3 for a strong bullish price action to be established.
- DOGE gains market speculation as price ranges in a wedge with the market expecting the next move.
Dogecoin (DOGE) trades around $0.21 with a trading volume of $2.1B and a market cap of $33B, as the price has experienced low market performance following over 100% price gain in the past year, as the price has struggled to show bullish market sentiment ahead of a market rally.
Following a low-volume rally, the price recorded a month-to-month decline of 18%, indicating that DOGE is struggling due to low whale or bullish sentiment necessary for a strong rally to the upside for the famous dog-themed memecoin.
Why DOGE Price Continues to Struggle
The current price action of Dogecoin (DOGE) has indicated price consolidation as DOGE has struggled to break out to the upside, battling its key resistance of $0.3 that has prevented a strong price rally.
Before the price of DOGE crashed towards its consolidation zone of $0.2-$0.3, the price had traded toward its psychological resistance of $0.45 as it failed to break above $0.5, acting as yearly resistance to the upside.
The price of DOGE from that point crashed to current lows, leaving many whales selling off the memecoin asset in the last few months, as bullish price action hasn’t been enough to push the price to the upside.
Technical indicators and market sentiment have all indicated a neutral stance for the price of DOGE as the crypto asset remains in a range-bound price movement.
Bullish Outlook for Dogecoin (DOGE)
Why the price potential of DOGE hitting a $1 mark cannot be ruled out completely. Traders have highlighted the need for the market to flip its current price action to the upside with strong volume.
A breakout and close above $0.3, acting as key resistance for the price, could flip the current market sentiment for the crypto memecoin to a strong price rally in the coming weeks or months.
Source – Ali Martinez on DOGE Chart
Crypto expert, Ali Martinez, has also suggested the price of DOGE has formed a wedge as the price continues its price range. A breakout to the upside could see a strong rally for DOGE to potential new highs.
While a breakdown to lower price points could see bears dominate the price to the downside, crypto traders and investors will pay attention to the price action of DOGE before making their next investment move.
Related Read
