Dogecoin Price Hints Massive Price Adjustment! Is it an important time to own DOGE Memecoin?

The cryptocurrency industry continues to see significant volatility in valuation, highlighting the massive price swings in the market. On the other hand, the Memecoin category traded under strong bearish influence, with DOGE price recording a correction of more than 8% last week.

Memecoin leader Dogecoin price traded in a closed range between $0.09366 and $0.09848 for some time, after which the bulls lost momentum and recorded a decline in price.

Since then, the DOGE coin price has been trading in a closed range between $0.08931 and $0.09366 for over two weeks.

The bulls attempted several times to keep the price above the support level of $0.08931, but the bears overwhelmed the bulls and the price recorded a valuation correction of around 15%.

Afterwards, the price traded sideways between $0.07981 and $0.08416 for a while. As the market experienced a correction, the Doge coin price experienced another 5% correction.

Since then, the price has been continuously trading in a consolidated range between $0.07597 and $0.07981, indicating a neutral trend in the market.

Will DOGE price reach $0.01 soon?

The technical indicator MACD is showing a steady decline in the green histogram, indicating that buying pressure on the coin is decreasing. The averages also show a high probability of bearish convergence, highlighting the weakness in the industry.

If the bulls push the price above the resistance level of $0.07981, DOGE price will regain momentum and get ready to test the upper resistance level of $0.08416. Holding the price at this level would set the stage for Dogecoin to test the key resistance level at $0.08931 in the future.

Negatively, if the market fails to regain momentum, the price will likely fall and soon test the $0.07597 support level. Moreover, if bears continue to dominate the market, DOGE price could plunge and prepare to test the lower support level of $0.07168 by the week ahead.