The markets are undergoing a roller coaster ride as the prices of the tokens undergo an acute deviation. The Dogecoin price had maintained a consolidated trend for more than 20 months before it broke above $0.1 and marked its interim highs above $0.2. Since then, the bearish actions have intensified, due to which the price has been stuck within a narrow range of around $0.15.
The trader’s interest in the token has been fading as the volume remained below a billion throughout its consolidation phase. The recent jump attracted huge liquidity, due to which the volume surged over $2.5 trillion. Unfortunately, the volume dumped again, suggesting a huge shift in the interest of the market participants. Regardless of this, the technicals have flashed massive bullish signals, which suggest a fresh move may be on the horizon.
The weekly chart suggests the price has broken above the prolonged consolidation that it began after marking the ATH above $0.7. The price is believed to maintain a sideways trend for a while, as it did before the beginning of the 2021 bull run. Besides, the Gaussian channel has turned bullish, with the MACD displaying some bullish momentum. Therefore, the DOGE price is believed to maintain a narrow consolidation for a while, followed by a bullish breakout.
Following a similar pattern, the DOGE price may remain largely stagnant or face a minor pullback. Further, this retracement could be followed by long-term growth, with the next ATH projected to be above $2. Collectively, the Dogecoin (DOGE) price appears to be under bullish influence which may suggest the memecoin mania may take the forefront and lead the rally in the coming days.
