The crypto space witnessed a number of ups and downs where-in Bitcoin price marked ATH quickly a couple of times. But some of the assets like Dogecoin maintained a silent trend despite the coiling market sentiments. And currently, when the markets are swinging within choppy environments, DOGE price is drowning within a deep bearish well, feared to lose the most important levels soon.
The DOGE price showcased a magnificent price trend ever since the beginning of 2021. Moreover, the bull run of 2021 was ignited with the sudden surge of Dogecoin with an 800% rise in a day. Ever since the asset smashed its highs close to $0.8, maintained to trade within a steep descending trend shedding huge gains. Currently, the price is discovering multiple lower levels as it mainly intends to bottom hard, maybe below $0.1 too.
The DOGE price witnessed a huge spike in the early trading hours, but very quickly the asset dropped massively as the bear jumped in action. And hence temporarily halted the descending trend, but not invalidated at the fullest. Currently, the price is attempting hard to break through the parallel descending channel but woefully faces a rejection again.
The popular memecoin which had once secured its place in the top 10 is sliding down a position over time. However, it is believed that Elon Musk’s SNL event has tuned a nightmare as much before the May crash, DOGE price had ignited a huge bearish trend. Yet one of the analysts believes that the price may retest the lower support below $0.1 levels very soon.
Collectively, the Dogecoin price trend is currently extremely bearish where-in the strength has reached rock-bottom levels. Without much volatility, DOGE prices may not witness many price variations. As with a minor surge, the bears stand strong to extract the profits each time.
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Source: https://coinpedia.org/price-analysis/dogecoin-doge-price-may-end-up-losing-the-0-1-levels-soon/