The price-performance of Dogecoin on March 19 indicates a future value capitulation that may be invalidated following the bulls’ move to take control of prices.
Despite the positives, Dogecoin could not set a daily end beyond the critical points of resistance to confirm the positive turn of events.
DOGE Price Looking to Move High
The price of the meme cryptocurrency was trading in the range of 9% throughout this week. The low price is set at $0.11 and the high at $0.122. The curve price range appears with low trade volume, indicating no new change has been recorded in the price trend.
However, the situation could force short-term traders to be concerned with the current price action after the experience of consistent negative outcomes against all the solid zones in the Fibonacci stage.
The present week has seen the popular meme token unable to keep the momentum against the .382 level, which is the critical level that can make or mar the trading outcomes on any given day.
DOGE/USD daily chart. Source: TradingView
Dogecoin’s Price History
In analyzing the present price movement of Dogecoin, it is worth noting that the popular canine-themed cryptocurrency has a previous history of unstable and often unpredictable bullish actions.
Usually, the first clue that the bulls are about to make a move in the market is often a break and close trend that moves above the Fibonacci level of .5 at the daily price of $0.1228. If this happens, the bulls will attempt to increase the price to $0.135, about 25% higher than the current price.
The bearish trend more often appears to be the dominant price trend action of Dogecoin since attaining its all-time high in May last year. Most of the time, bearish trends appear in situations where whales accumulate the DOGE token.
Even with the relative gains of the crypto industry over the past couple of weeks after the initial scare due to the ongoing war between Russia and Ukraine, Dogecoin has failed to make a strong comeback in the market.
The ups and downs of price-performance cast the 13th largest cryptocurrency in terms of market capitalization in the red zone, where investors are wary of taking the plunge and investing due to the unpredictable nature of the price action.
Admittedly, the rival meme-theme token, Shiba Inu, has performed considerably better than Dogecoin for quite some time, making huge gains as the market recovers from the price slump.
Dogecoin Future Outlook
Despite the negatives in the price action, industry analysts remain bullish over the potential of Dogecoin to pull itself from the reoccurring price slump.
Even if the market performance shows the opposite, the increasing acceptance of the DOGE as a utility is a great positive. Analysts predict that investors should expect more positive performances because all cryptos undergo rough patches.
For now, the meme token is struggling to regain its momentum for more positive price action in the market. For now, the bearish trend continues.