Dogecoin(DOGE) Price Again Attempting to Break Through the Descending Trend, How Well Will it Succeed?

The post Dogecoin(DOGE) Price Again Attempting to Break Through the Descending Trend, How Well Will it Succeed? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Dogecoin, the most popular crypto once only for the reason it spiked like never before and unlike any crypto asset. The user base expanded enormously which accommodate well-known personalities and many celebrities too. Many believed Elon Musk will take the DOGE price to the moon, yet the asset displayed a converse rally. The asset plunged heavily without manifesting a chance of any trend reversal. 

After plummeting heavily by more than 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 hence maintained a decent rally in the first few days of February. Woefully, a couple of extreme sell-off’s just dragged the price within the descending triangle yet again. However, the asset without shedding much of its value quickly managed the trembled situation. And hovered in range-bound levels and now finally attempting to break through the levels. 

As mentioned in the chart, the DOGE price is testing the trend line again but strongly since its downfall began. Moreover, the price currently appears to be extremely poised as it is refusing to plunge below these levels despite pullbacks. And also it is approaching the apex of a huge bearish triangle, refusing to drop further. Therefore the upcoming week may witness a decent jump in the Dogecoin price. Where-in it could slice through the consolidation and 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 may jump in at these levels. As the asset seemed to be very much unsure of its rally below $0.2, the buyers fear to open their positions. Once a huge buying pressure gets accumulated at these levels, it may be pretty easy for the asset to rise towards the strong resistance at $0.3. However, the bears may become pretty active at these levels while the bulls here may become sure of the upturned that may not impact the rally further.