Dogecoin has remained under the shadows for an extended period as the trader’s sentiments towards the token appear to be vague. During the recent pullback, the DOGE price faced a huge loss of over 20% as it lost the crucial support at $0.1042. However, the token reclaimed its levels after a brief consolidation, which has revived hopes for a fair ascending trend as the Dogecoin price has achieved a retracement. Therefore, it appears to be ready for takeoff.
The DOGE price action resembled a steep descending trend as the bullish interference was nullified at frequent intervals. The token reached the apex of the consolidation, dropped down the support and now has raised above the support-turned-resistance, which is expected to form a strong base for the next bullish action. Meanwhile, the technicals suggest a relaxation period before the major price action, as the bulls seem to have accumulated for a while.
As seen in the above chart, the DOGE price broke down from the bearish descending triangle and, after a minor pullback, was raised above the broken support. This move appears to have made the traders somewhat hopeful of the next price action Moreover, the price has rebounded after hitting the lower bands of the Bollinger, which is expected to push the prices towards the upper band, close to $0.15.
Unfortunately, the MACD & the DMI do not support the bullish narrative, despite the RSI maintaining a healthy upswing. The selling pressure has faded but until the buying volume mounts, no specific change in the trend may be expected. Therefore, the Dogecoin price is expected to maintain a horizontal consolidation along the gained support, which may compel the price to remain consolidated for a while.
However, the volume has dropped back to its initial levels, which suggests the Dogecoin price may continue with its initial trend. Therefore, the top memecoin is expected to remain passive until the market turns extremely bullish with a huge influx in buying volume.
