While most of the popular tokens underwent huge price slashes, Dogecoin prices plummet less than Bitcoin or Ethereum manifesting a strong upward trajectory approaching very fast. The price recorded its consecutive 5th week close within the same descending trend. No doubt the present weekly trade also appears to have been dominated by the bears, yet the possibility of a strong rebound emerges.
DOGE price maintained its swing within a huge descending trend ever since the price began to drop hard from its highs. However, as it broke out from the descending consolidation during the last couple of days in April, the asset holds strong above the pattern amid the recent price slash. And hence the possibility of a major upswing may be imminent.
Presently, the DOGE price is swinging within a descending parallel channel and appears to be strongly heading towards the lower support. However, these levels are apparently very strong and hence a strong rebound may be imminent. Therfore, the price could initially hit the lower support at $0.118 and rebound towards $1.237 levels in the next 24 to 36 hours. However, after maintaining a descending consolidation along with the middle levels of the channel, the price may begin with a notable leg up.
On the other hand, if the price slips beneath the lower support then the possibility of the price hitting the pivotal support at $0.114 emerges. Nevertheless, similar to the previous plunge, the Dogecoin price may ignite a strong flip again. Yet the possibilities are pretty less as the popular memecoin appears to be poised to undergo a strong upswing, beginning from the next couple of hours.