Ever since the meme token gained immense attention and adoption, the DOGE price gained a tight grip over the crypto space. Moreover, the constant mentions propelled the price to the next level. And hence, dogecoin price became one of the best-performing assets in history by surging nearly 10,000% since the beginning of 2021.
However, the Dogecoin craze is diminishing of-let as it is undergoing a constant downtrend since Elon Musk’s SNL event. No doubt the price attempted to surge and also succeeded to some extent, yet remained below $0.4 levels. The price however had closed the June trade with a bullish note, but it fell into a bearish trap since the beginning of the current month.
The Doge price is following a steep downtrend, within a falling wedge. Despite the increase in the trading volume is recorded this week, very little buying pressure mounted. And hence the asset was oversold at some times due to huge selling volumes.
The price had plunged below the trend line, yet the recent mention from Elon Musk helped the asset gain nearly 8%. And thus the price regained its position above the trend line. But still, the fear of losing these positions still haunts the dogecoin price as no significant buying is recorded.
Therefore until and unless the dogecoin price breaks the downtrend, a plunge to levels below $0.2 haunts the rally. However, the levels around $0.19 to $0.2 could be a good buying opportunity for the bulls to enter. And hence a significant uptrend may be imminent. But whether the uptrend could form a new ATH for DOGE price is hard to analyze at the press time.