THE Dogecoin price has manifested an acute force in recent years after reaching the bottom of rock during the bear market. The Bears tried to restrict the rally each time the price was trying to set up a high ascending trend. Consequently, the price of the DOGE remained consolidated below $ 0.1 for a long time. However, after the latest recovery, a new ATH seemed to be imminent, but the current commercial configuration suggests that a 20% decline is fast approaching.
After Dogecoin & Shiba Inu, Pepe managed to draw massive attention and, in a very short time, became the third largest same according to market capitalization. Since then, the PEPE PRICE has displayed progressive movements. Meanwhile, the model that Dogecoin has followed in recent months has been followed by Pepe. This alludes to a probable decline if the top same narrowly reproduces the PEPE price rally.
Source: X
The above graphics show a comparison between the two price diagrams, which suggests that the price of the DOGE closely follows the PEPE price which is consolidated around ATH for a while. Meanwhile, the price failed to defend the support around $ 0.000017, which resulted in a 30% decline to reach the local bottom of almost $ 0.0000114. Currently, the DOGE price has reached local support and if the Bulls fail to trigger a rebound, it can face a decline of 20%.
What is the next step for the Dogecoin price rally (DOGE)?
After the last decline, the price of Dogecoin fell below the ascending trend line, which acted as solid support. In addition, the price did not cover the lost levels, which can raise concerns concerning the next price action. Therefore, the DOGE price seems to be ready to lose support at $ 0.3 very soon.
As the graphic above shows, the price of the DOGE is faced with increased increases which can cause levels to the support area between $ 0.29 and $ 0.309. As the RSI is decremental and below the descending trend line, lowering targets have been activated for the price. Consequently, the price of the DOGE should dive below $ 0.3 and reach $ 0.246 to 0.382 FIB. This could be when the RSI can reach the lower threshold. If the levels trigger a rebound, the price of Dogecoin can bounce and go up above $ 0.3, otherwise a drop to $ 0.2 could be imminent.