The price of Dogecoin rebounded strongly in the last trading day. This prevented the token from falling below a key range and confirmed the presence of bulls. Currently, Dogecoin's price is facing a significant bearish trend, which may pull price levels down, providing a good buying range for bulls and whales.
Over the past few days, whales have been continuously accumulating tokens, acquiring over 150 million DOGE. Furthermore, the number of large transactions between $100,000 and $1 million has also increased significantly.
This indicates that whales continue to operate in the same pattern as before, accumulating around the low of $0.4. After the price is subjected to equal pressure from both sides, the bears are struggling to push the token price lower.
As the buying pressure decreases, will the price of DOGE drop again to the low of $0.4?
The price of DOGE indicates that after showing strong momentum over the past few weeks, the bulls are slightly easing off. The Bollinger Bands have expanded significantly and are now contracting after a drop in volume. Currently, the Bollinger Bands are parallel to each other, indicating lower volatility. The price is trapped within a symmetrical triangle and is expected to consolidate within a narrow range, indicating a sideways market trend with limited price fluctuations.
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On the other hand, the RSI shows a decreasing trend, forming lower highs and lower lows, confirming the downward consolidation. Therefore, it is expected that the DOGE price will remain within the triangular flag pattern for the next 10 days until it reaches the apex of the pattern.
Currently, market participants have shifted their focus back to the top 2 tokens, Bitcoin and Ethereum, so liquidity may flow back into traditional altcoins after they take some profits.
Therefore, the target price of Dogecoin between $0.55 and $0.6 remains unchanged and may be achieved before the end of 2024.
