As the weekend approaches, the market gets aggressive and attempts a gigantic move irrespective of the direction. After a pretty huge crash from the $0.17 levels, Dogecoin is not able to recover to the initial levels. Despite the mounting of the buying volume, a decent upswing is still missing which is negatively impacting the DOGE price rally.
Currently, the meme coin is again attempting to break out the upper levels but if it fails to do so, the asset may land in huge trouble.
The DOGE price is somewhat trending within similar resistance and support levels, much similar to the range-bound levels. But the concern remains where the asset is not able to break through the upper resistance.
No doubt the price did attempt to breach through the upper resistance but it was just short-lived and appeared to be just another fakeout.
DOGE Price Analysis !
- Currently DOGE price has risen above the middle bands after flipping the lower support levels.
- In an attempt to breach through the levels, the asset sliced therough the resistance and quickly re-entered the channel, hence termed as a fakeout
- However, despite the drop, yet the asset is hovering along the upperbands of the channel with a huge possibility to pierce theorugh the consolidation
- But the trading volume is pretty low which may not provide the required boosts so that the asset breaches through the upper levels.
- Therefore just a small spike in the selling volume, the price tends to fall doen the cliff in no time
- And hence the buyers are required to jump in to save the asset to drown in a sinking ship
Source: https://coinpedia.org/price-analysis/dogecoindoge-price-will-drop-if-fails-to-breachconsolidation/