The crypto markets are recovering. The prices of the majority of the cryptos have been maintaining an ascending trend. With the rise in market sentiments, it appears that the cryptos are trying hard to settle for a bullish close for the month. However, Dogecoin, the popular memecoin, may undergo a diverse course of action in the coming days.
After rebounding from the lower crucial support zone between $0.0561 and $0.0577 for the second time, a double bottom pattern was validated. It was expected that the DOGE price may maintain an ascending trend to reach the neckline at around $0.0943. Presently, the Bulls are facing immense challenges in surpassing the 0.5 FIB level at $0.0811 as it remains stuck at $0.08. Therefore, considering the current price action, one of the popular analysts, Daan Crypto Trades, suggests, DOGE to be out of performers in this cycle.
Along with being pessimistic about the upcoming DOGE price cycle, the analyst also believes that the price may certainly not aim higher for the next 1 or 2 years.
“DOGE Won’t be the best-performing asset this cycle.
Yet, it’s one of my more comfy long term spot holds, knowing that at some point we’ll likely get a nice move.
Got some lower timeframe targets on the chart but ultimately I am aiming for higher in the next 1-2 years,”
Collectively, the investors do not appear to be impressed with the current trade set and hence have shifted their focus away from the memecoin. As the monthly close is on the horizon, a significant price action can be expected but it may not hold for long as buying pressure does not appear to hold enough strength comparatively. Therefore, the Dogecoin (DOGE) price may continue trading at a snail’s pace and consume more time than required to reach the target beyond $0.1.