Dogecoin price nowadays has lost the plot as it is not able to break the barriers and tests lower lows. The popular token which was a great example of ‘buy the rumour, sell the news’ is getting exhausted day by day. Many analysts do consider the asset still as a meme and do not see a bigger boost in short term.

Interestingly, the other bunch of popular personalities do support the token and accumulated at a decent dip. Moreover, the ample of mentions from these people gave enough boost to hit 75 cents from less than a cent. But the present case appears to be completely different as the DOGE price is struggling to hold $0.21 levels.

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Moreover, if the price completes the probable inverse parabolic move, then it would be pretty tough for the dogecoin community to uplift the price. As the key resistance area is diminishing at a faster pace from $0.27 to $0.25 and finally at $0.23.

As the above chart display, the trading volume has also depleted considerably but in the last 24 hours, a notable spike is seen. On the other hand, the price stands strong above $0.2 and sustains above the trend line. Currently, the most important for the price is to sustain above $0.21 and test the 50-day MA levels at $0.23.

It is not the first time the popular meme token is going inversely parabolic. Rather each time dogecoin price rebounded with a good margin. No doubt the current one is slightly larger than the other patterns, yet a decent recovery may be fast approaching for DOGE price.

Also Read: What’s Common Between Elon Musk’s Memes & Dogecoin, Well, Infinite Supply!