UrsulaxjaI.verse
02/06 17:41
Dogecoin price has shown sharp strength in the past few years after hitting rock bottom levels during the bear market. Bears have struggled to cap the rally every time the price tried to establish a strong uptrend. As a result, DOGE price has been consolidated below $0.1 for a long time. However, after the latest rally, a new ATH seemed imminent, but the current trading setup suggests that a 20% pullback is quickly approaching.
DOGE Price Follows PEPE's Footsteps
After Dogecoin and Shiba Inu, Pepe has managed to attract huge attention and become the third-largest memecoin by market cap in a very short time. Since then, PEPE price has been showing progressive moves. Meanwhile, the pattern that Dogecoin has been following in the past few months has been repeated by PEPE. This hints at a likely pullback if the upper memecoin closely replicates the PEPE price rally.
The charts above show a comparison between both price patterns, which suggests that the DOGE price is closely tracking the PEPE price, which has been consolidating around the ATH for some time. Meanwhile, the price failed to defend the support near $0.000017, which resulted in a 30% pullback, hitting a local bottom near $0.0000114. Currently, the DOGE price has reached local support, and if the bulls fail to initiate a bounce, it could face a 20% pullback.
What's Next for the Dogecoin (DOGE) Price Rally?
After the latest pullback, the Dogecoin price has fallen below the ascending trendline, which acted as a strong support. Moreover, the price is unable to regain the lost levels, which could raise concerns about the next price action. Therefore, the DOGE price looks set to lose the support at $0.3 very soon.
As can be seen in the chart above, the DOGE price is facing increased upward pressure that may drag the levels towards the support zone between $0.29 and $0.309. Since the RSI is decremental and below the descending trendline, bearish targets have been triggered for the price. Therefore, the DOGE price is expected to fall below $0.3 and reach $0.246 at 0.382 FIB. This may happen when the RSI may reach the lower threshold. If the levels trigger a rebound, the Dogecoin price may bounce back and rise above $0.3 again, otherwise, a drop to $0.2 may be inevitable.
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