Crypto Market Analysis: Bitcoin Remains Consolidated While Dogecoin Aims to Hit $0.1
Crypto markets today are pretty consolidated as the past weekend could not offer the required push that may have exploded the price beyond $23,000. Meanwhile, some altcoins are displaying enough momentum to reach the desired target soon.
Dogecoin price, which traded under extreme bearish pressure for more than 20 months, appears to have surged notably. However, the trend reversal is still required to be validated which may enable the price to rise high beyond the crucial resistance.
DOGE prices surged in the times when Elon Musk has not talked about the token much. Yet the prices surged by more than 40% and Shiba INU over 50% since the start of 2023 which signals the possible start of the memecoin season. Dogecoin price underwent a massive bullish close for the previous week that may end the multi-year bearish trend.
Dogecoin price has risen above the huge falling wedge, flashing extreme bullish signals. The price appears to be in the process of validating a firm upswing after a breakout beyond the upper resistance of the wedge.
Furthermore, a decent upswing could be validated by surging beyond the pivotal resistance at $0.15 which appears to be pretty distinct from the current levels. Woefully, the buying volume has not been up to the mark as reflected during the November 2022 surge.
Despite a bullish breakout, the Dogecoin price may continue to remain under the bearish influence. Therefore, the price may eventually surpass $0.1 by the end of January 2023 and maintain a notable upswing thereafter.
However, the possibility of rejection also haunts the rally and in such cases, a slight drop towards $0.08 could be possible.