The global market capitalization recently dropped below $800 billion as the fresh wave of bearish clouds hovered over the crypto space.
The Dogecoin (DOGE) price also dropped considerably and presently trading along the lower support levels with depleted volatility and volume. While the market participant awaits an extended bearish action, the DOGE price, besides accumulating gains to manifest a gigantic rally very soon.
DOGE price has been manifesting acute strength despite the bearish control accelerated in the past few days. The price faced a major rejection in the last month at $0.15 and dropped back as assumed to test the same lower support at around $0.07.
The fresh bearish action dragged the price lower below 200-day MA levels while fewer chances of a rebound can be expected. Moreover, the volatility and volume, both remained drained and hence no significant change in the price may be expected this week.
However, the upcoming trade could be more flourishing as the token is closer to igniting a notable bull run soon. The recent rejection from 200-day MA levels can be considered as a trigger that is believed to have uplifted the price beyond the $0.08 resistance initially and later rise beyond $0.1 and later rise beyond $0.15.
However, only after securing these levels, a major upswing may kick in that may rise the price by more than 40%. As per a popular analyst and self-proclaimed Dogecoin ambassador, Dogecoin Ride, the price may rise as high as $0.2 soon.
Besides, the Dogecoin ecosystem is working hard to introduce new features like Dogecoin makeover, Libdogecoin, Dogecoin Standard, GigaWallet, etc and many more Hence a significant upswing may uplift the price soon.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
