As the entire crypto market is experiencing an extreme drain, Dogecoin price also trembles to a greater extent. But unlike the other crypto assets, DOGE price remains out of the race to regain the lost positions. The more it forms the lower lows, the more chances of getting distant from the immediate resistance. This could also lose the $0.1 mark in case the bulls failed to take control. And hence raises a huge question on whether Dogecoin is a good investment or no!
The current trend showcases a drop in the volume, however, the volume represents more of selling than buying. The price currently trends within a descending channel that initiated with a plunge since June end. Moreover, the compressed resistance and support levels also raise concerns over the upcoming price movements.
The squeezed Bollinger Bands however indicate the price failing to regain the bullish momentum. Moreover, the price maintaining within the middle and the lower band could keep up the claim. Price could still continue to oscillate and consolidate between these levels until it rejects either of one level.
However, the dogecoin price would definitely attempt to break the middle band levels yet an uptrend cannot be valid until the upper resistance levels are attained. And hence bouncing back above $0.2 levels is mandatory in order to prevent further plunges.
On the whole DOGE price appears completely in soup as it may have lost the plot. As the bulls still keep themselves distant, it’s difficult to ascertain whether Dogecoin price will ever go up?
However, as the crypto space is full of surprises, we never know what’s awaited for the price in the coming days!