The crypto space has been gaining significant momentum, but the Dogecoin price appears to have been slightly overpowered by the bears. The price, after facing rejection at the monthly highs, has been trading under a bearish influence. Therefore, it is being speculated that the hype is about to die very soon, which may gradually lower the price levels in the coming days.
Dogecoin’s price after the rally began to trade within a symmetrical triangle that offers both the possibilities of an upswing and a downswing. Therefore, the DOGE prices are expected to hover within the triangle for a while before reaching the apex of the consolidation. Further, depending on the induced volume, the price may either surge high to reach $0.15 or drop down to test $0.11.
However, the volume of the platform has dropped notably ever since the price marked its high this month. Meanwhile, the bears also appear to be in action which may keep the price compressed. On the other hand, the Dogecoin hash rate is surging high and close to mar new highs very soon.
The rising hash rate indicates a healthy network that may in turn lead to a price rise ahead. As more miners are required to confirm the blocks, the network also appears to be pretty secure at the moment. It has to be noticed that the hash rate was almost half the value when the DOGE price reached its high at $0.76 in 2021. Also, now when the has rate reached a new ATH of 0.51K in May 2022, the DOGE price was within a descending trend.
Conversely, the trend has flipped and the Dogecoin price is rising with an increase in the hash rate, which implies a larger move may be fast approaching. Therefore, with the short positions being placed at the monthly highs, they may be in play for a while, beyond which a notable upswing appears to be imminent.
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