Dogecoin has experienced a significant price drop. However, an analyst believes the bullish phase is ongoing despite selling pressure.
Analysis of DOGE Market Trends
Analyst Trader Tardigrade claims that Dogecoin is still in a bullish phase despite significant price drops. Market trends are putting pressure on the cryptocurrency, but this may be part of a temporary pullback within a long-term upward trend.
Dragonfly Doji Pattern on DOGE's Chart
Trader Tardigrade pointed out a Dragonfly Doji pattern formation on DOGE's daily chart. This pattern is a signal for potential price increases, indicating that buyers are ready to re-enter the market after a period of seller dominance. The situation resembles a price pullback to historical average levels.
Dogecoin Price Updates
Dogecoin has been under selling pressure with a significant 24.4% drop over the month. However, recent data shows a loss of downward momentum as buyers start returning to the market. DOGE's open interest has risen by 2.73% to $1.74 billion, indicating traders' confidence in potential price recovery.
The analysis suggests that the current Dogecoin decline may be a temporary pullback before a possible recovery. Resistance levels at $0.2050 and $0.2120 could be key points for confirming a trend reversal.
