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.
After the rally, Dogecoin price starts trading within a symmetrical triangle that offers both upside and downside potential. Therefore, DOGE price is expected to hover within the triangle for some time before reaching the top of the consolidation. Moreover, depending on the induced volume, the price can either move higher to reach $0.15 or drop below 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.
A rising hash rate indicates a healthy network which could lead to a further increase in the price. Since more miners are needed to confirm blocks, the network also appears to be fairly secure at the moment. It should be noted that when the DOGE price hit a high of $0.76 in 2021, the hash rate was almost halved. Furthermore, now that the hash rate has reached a new ATH of 0.51K in May 2022, the price of DOGE was within one. 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.
