The price of Dogecoin has managed to recover from its steep drop on the 21st of June, where it appeared that the crypto would not resurface. However, current reports state that there have been mentions of accelerating interest coming from the bulls in the crypto market.
Dogecoin Price Sees Little Resistance Ahead
Currently, the price of Dogecoin has gone ahead and traded within a topside where the trend line declined at around the 2nd of June. This trend line of resistance has managed to trap the cryptocurrency in an outlook that is distinctively bearish- with the meme crypto coin continuing to record far lower highs and lows on the daily chart.
Now, although the price of DOGE did suffer from consistent pressure of selling since the beginning of June, the steep fall came as a result of the token failing to sustain its trading above the moving average price over 100 days- which has been a major point of support since last November.
When Dogecoin went ahead and broke below this line of defense, it led to a decline of 42% on the 21st of June, where it tagged the lower barrier of the demand zone at a price of $0.162. Currently, the price of this cryptocurrency has managed to come forward in a flurry of recovery, where it printed its fourth consecutive green candle on the daily chart. This has been proposed to be likely fueled by positive sentiment with the developers of DOGE introducing a much-needed upgrade in the cryptocurrency network.
As it has been reported widely, Dogecoin did manage to surge at a price above the trend line of declining resistance that managed to trap the cryptocurrency for close to a month- as well as staying above the Fibonacci extension level of 38.2% at a price of $0.271.
