Since Bonk has gained huge attention, the other memecoins in the market have triggered a low-key trade. Both Dogecoin, Shiba Inu, and Pepe have been trading within narrow regions. Now that the BONK price rally is expected to prevail for a long time, the possibility of the DOGE price maintaining a tight consolidation appears to be quite possible.
Will the DOGE price remain under bearish claws until the end of 2023?
In the short term, the DOGE price is trading in a descending trend, displaying the possibility of reaching lower support in a short while. However, the token also carries a hidden bullish divergence that may lift the price above the bearish claws. Currently, the bulls seem to hold less dominance but may strengthen their grip as the price hits the liquidity zone.
The DOGE price is testing the lower support of the descending parallel channel within a major descending parallel channel. The price is expected to trigger a bounce from this level, which may elevate the price towards the yearly highs close to $0.103. However, to break above the bearish pattern, the bulls are expected to strengthen their grip over the rally and pierce through the upper resistance of the channel. As the required volume does not appear in favour of the bulls, the possibility of an extended consolidation emerges.
Therefore, the Dogecoin price, which is testing the lower support, could hover along the levels for some time, followed by a bullish rebound. Currently, the market focus is primarily on Bonk, and hence the liquidity flow over the other memecoins may be slashed. However, the markets are approaching the end of the yearly trade, and this is expected to be a bullish event with fresh liquidity entering the markets.
The Dogecoin (DOGE) price is also expected to remain passive for a while, followed by a bullish breakout towards new highs.
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