Dogecoin (DOGE) Parabolic 28% Rally Hits Target, What Happens Next.
The price of Dogecoin (DOGE) is experiencing a major decline following a bearish close on March 29 on the daily chart. This drop comes after the meme coin recorded a 28% spike over an extended seven-day period. At the time of writing, Dogecoin is down 1.33% over the past 24 hours to $0.211.
Although the 28% parabolic increase over the past week has hit a brick wall at this point, DOGE's network and price growth trends for the better part of the month show what to expect in both the short term and long term. Dogecoin started the month on a bullish note with a price of $0.1164. From March 1 to March 4, the currency recorded consecutive daily green candles but suffered a sharp correction on March 5.
This correction lasted until March 19, from which a bullish reversal was recorded. At this point, the price has increased from $0.12368 to a monthly high of $0.22847 since March 27. This erratic movement shows that Dogecoin's price is dynamic and could escape the decline Present.
The daily chart shows an ongoing battle between bulls and bears, one that could be decided by broader trends in the industry.
Dogecoin strong resistance to see.
Besides the general market outlook and whale action, data from crypto analytics platform IntoTheBlock (ITB) has revealed a key resistance point for DOGE price.
