The Dogecoin price recovered strongly during the last trading day. This prevented the token from breaking down the crucial range and validated the presence of the bulls. Presently, the DOGE price is facing significant bearish action, which may drag the levels lower, offering a good buying range for the bulls and the whales.
Since the past few days, the whales have been constantly accumulating tokens and acquiring over 150 million DOGE. Besides, the number of large transactions between $100K and $1M has also surged to a large extent. This indicates that the whales are continuing with the same pattern as they did before by accumulating at the lows at around $0.4. After the price experienced equal pressure on either of the sides, the bears are trying hard to push the token lower.
With a drop in the buyer’s strength, will the DOGE price again mark the lows at $0.4?
The DOGE price suggests the bulls are relaxing a bit after displaying acute strength in the past few weeks. The Bollinger bands expanded heavily and contracted following a drop in the volume. Currently, the bands are going parallel to each other, suggesting a period of low volatility. The price, which is stuck within a symmetrical triangle, is expected to consolidate within a narrow range, signalling a sideways market trend with limited price movement.
On the other hand, the RSI is decremental, forming lower highs and lows, substantiating the descending consolidation. Therefore, the DOGE price is believed to remain consolidated within the pennant for the next 10 days until it reaches the apex of the pattern. Currently, the market participants have shifted their focus back over the top 2 tokens, Bitcoin & Ethereum, and hence, after they book some profits, the liquidity flow could be back over the traditional altcoins.
Therefore, the target of $0.55 to $0.6 for the Dogecoin price continues to remain intact, which could be achieved before the end of 2024.
