Dogecoin price received mainstream attention when the asset kicked off a magnificent upswing in 2021, which lead to the rise of the crypto market bull run. However, since then the price has been under extreme bearish pressure and presently has reached its lowest levels. Meanwhile, the price is attempting a bullish breakout, but a significant plunge appears to be imminent.
DOGE price has been bearish since the beginning of December and has dropped by more than 56% to reach a low of around $0.07. While the bulls are trying to establish a notable uptrend, the decreased volume has hampered the strength of the rally.
Hence, as predicted by a popular analyst, Altcoin Sherpa, DOGE price is primed to hit the $0.57 area again.
Moreover, after failing to sustain at these levels, the price is believed to have declined heavily, which could create new lows for 2022. One of the major reasons is said to be a poll, which suggested Elon Musk stepping down as CEO of Twitter. Since then the price has been bearish, falling by more than 10%.
Collectively, the Dogecoin price has been bearish despite the price displaying a minor bullish divergence in recent times. The RSI which was hovering within the average levels has now made significant swings on either of the sides that may further increase the volatility of the asset in the coming days. However, the bulls remain off-the-shore due to which the bears may outpower the bulls any moment from now.
