After a lot of ups and downs, it seems like the price of Dogecoin (DOGE) is safe and sound again – this time over the 0.005 price margin. This Monday, Dogecoin recorded more than 18% gains and recovered against the US dollar.
Right now, DOGE/USD is trading at 0.00572-fiat, going up from 0.00498-fiat at the beginning of the day (yesterday) and consolidated pretty well. Even though the latest news about the Dogethereum announcement being cancelled definitely affected the price of Dogecoin, the news is here to stay but Dogecoin is apparently here to rise again.
The altcoin has already broken below the ascending trendline formation and could continue to head downwards despite the recent rise. However, in the event of such bearish correction from its 0.00691 peaks, we could see the Dogecoin price stabilizing in the 0.00445 price region as its next potential support level.
At the same time, Dogecoin (DOGE) could break above 0.00558 and move closer to the 0.006 decimal point – which has been long expected by analysts and described as the ‘perfect scenario that would move DOGE closer to its all-time peak’. Right now, it seems like the sentiment in the Dogecoin market is biased towards a bull run in the near-term.
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