The Dogecoin price faced a massive rejection just before the start of 2023, and since then it has failed to rise above $0.1 levels. The constant rejections have been testing the bullish strength, which appears to be waning. Hence, the possibility of a rebound may unfold, but the bulls exhibiting their weakness are raising huge concerns. Therefore, a trend reversal could be triggered, but the sustained impact on the price continues to remain unclear.
The volatility of the token has dropped heavily ever since the price lost the crucial barrier at around $0.076. This has caused the token to maintain a narrow consolidation for a couple of months. Although the price has rebounded from the support zone between $0.057 and $0.056, the current trade setup displays a huge probability of entering these zones in a short while from now.
The DOGE price has been trading within a descending trend for a long time, along the lower support zone. The price is struggling hard to soar above the 50-day MA in the long term, which could validate a bullish upswing. However, the DMI signals a diverse trend, as it is closer to flashing a bearish signal. The ADX is plunging down while the -DI is crossing below +DI, suggesting a bearish trend is approaching ahead.
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Although market sentiments are slowly flipping from being bearish, the bulls appear to have shifted their focus away from Dogecoin. The volume has also plunged, which substantiates the bearish claims. Therefore, the DOGE price is believed to drop back to the support zone and remain consolidated until the bulls jump in with notable buying volume.
