Dogecoin has been among the top-traded tokens, which has been attracting enough liquidity, which has maintained the volatility. Meanwhile, the latest price action has remained stuck within a narrow range, hinting towards a drop in the bullish and bearish pressures. While the spot market remains uncertain, the whales seem to be confident of the upcoming price action as they continue to transfer huge amounts of DOGE but without impacting the DOGE price rally.
As per the data from a popular reporting platform, Whale Alert, an interesting transfer of over 478 million DOGE between two unknown wallets was reported. Another data from Santiment shows these whales have been on a selling spree since the first week of April. Despite the growing selling pressure over the token, the trade setup suggests the Dogecoin (DOGE) price is due for a major breakout, which may clear the path towards $0.2.
The short-term price action of Dogecoin suggests the token is stuck within a decisive symmetrical triangle and is ranging along the support to reach the edge of the consolidation. The Stochastic RSI has reached the upper threshold, while the bears are trying to trigger a bearish crossover. The historical pattern suggests that the RSI could remain around the upper threshold for a while, which may help the price to keep up the bullish momentum.
On the other hand, MACD has turned bullish after the selling pressure was outpowered by a notable increase in the buying pressure. With this, the Dogecoin (DOGE) price is expected to rise and test the resistance of the triangle. Meanwhile, the supporting volume has not yet registered, which may reduce the pace of the rally. However, a rise above $0.17 may validate a rise above bearish influence, and until then, the price is expected to remain consolidated within a narrow range.
