Bears Trying Hard to Drop Dogecoin to $0.4-But Here’s What’s Awaited for the DOGE Price Rally

The Dogecoin Price Surge and Consolidation

The Dogecoin price rebounded significantly during the recent trading session. This prevented the token from breaching crucial support levels, signaling the resilience of the bulls. However, currently, the market is experiencing bearish pressures that may drive prices lower, creating a favorable entry point for buyers.

Over the past days, whales have accumulated over 150 million DOGE. Additionally, large transactions ranging from $100K to $1M have increased, indicating that whales continue to buy at low prices around $0.4. Despite equal pressure from buyers and sellers, bears are attempting to push the token lower.

Technical Analysis

The Bollinger bands have expanded and contracted due to fluctuations in volume. Currently, the bands are parallel, suggesting low volatility. The price, confined within a symmetrical triangle, is expected to consolidate within a narrow range, indicating a sideways trend with minimal price movement.

The RSI is descending, forming lower highs and lows, supporting the downward consolidation. The DOGE price is likely to remain consolidated within the pennant for the next 10 days until it reaches the apex of the pattern.

Market Sentiment and Outlook

Market participants have shifted their focus towards Bitcoin and Ethereum. Once they secure profits, liquidity could return to altcoins. Therefore, the Dogecoin price target of $0.55 to $0.6 remains feasible and could be reached before the end of 2024.