The bears had a significant impact on the cryptocurrency markets during the past weekend, causing a major pullback recently. This impacted Dogecoin (DOGE) adversely as the price slashed before entering the pivotal resistance zone between $0.2935 and $0.3089. However, the bulls have held the price above an important support zone as the growing adoption and social media buzz have fueled the market sentiments.
The recent launch of the DOJE ETF marks a major milestone for Dogecoin (DOGE), offering investors a regulated way to gain exposure to the meme coin. As the first U.S.-listed ETF providing spot exposure to DOGE, DOJE allows participation in Dogecoin’s price movements via traditional brokerage accounts. Its debut generated $17 million in trading volume, highlighting growing institutional interest and increasing liquidity for the token.
Now the question arises, is it the right time to buy DOGE?
As seen in the above chart, the DOGE price is trading within a rising parallel channel, and despite a rejection at the resistance, the token has managed to sustain within the pattern. The bulls have prevented the token from entering the pivotal support zone between $0.22 and $0.23. However, there are two key observations to consider here, the Ichimoku cloud and the MACD that raise some concerns.
The price was previously above the cloud, but the recent pullback has brought the levels closer to the cloud. On the other hand, selling pressure is increasing, as indicated by the MACD after the bearish crossover. This could force the levels of the Ichimoku cloud to undergo a bearish crossover, bringing price levels within the cloud and initiating a consolidation period. However, the current consolidation, unlike before, could be above the support range, hence keeping the bullish hopes alive.
Therefore, it could be a better time to buy Dogecoin, as the chart patterns and the indicators suggest the price could undergo a fine upswing shortly.
