The prevailing market conditions did not appear to be in favour of the bulls until the DOGE price triggered a favourable rebound at $0.0605. The price has failed in its every attempt to rise beyond $0.07, hence making the resistance at $0.08 one of the crucial ones to achieve. The mid-August plunge has weakened the bulls to such an extent that the selling volume has diluted the buying pressure. However, the Dogecoin price is approaching a crucial juncture that indicates a probable rise to $0.08.
DOGE prices often experience a bullish push with the rise in positive market sentiments, backed by some mentions over the various platforms. However, they remain short-lived as the levels drop back to their initial stage. Presently, the crypto market sentiments are somewhat positive as the Bitcoin price trades around $28,000, indicating the possibility of hitting $30,000 soon.
Therefore, as the flagship crypto surpasses $30,000, the DOGE price is also expected to rise as the memecoin is at the foothill of an explosion.
The DOGE price has been holding the support zone between $0.0605 and $0.0626 ever since the start of 2023. Despite September remaining largely under the bearish influence, the token defended the support levels well. This indicated the strong presence of bulls who are accumulating strength to trigger a fine rebound. If the previous trade plays out, then the DOGE price is primed to reach $0.08 before the end of the monthly trade.
Presently, the Dogecoin (DOGE) price is completing an uptrend that has occurred in the past. The trend has been accomplished with the accumulation and may maintain a healthy upswing for the next couple of weeks to reach $0.08. Besides, the volume remains low comparatively, which may hinder the progress of the rally. Therefore, if the price surges above $0.07 before the end of the week, then one can expect a fine rise towards the significant resistance. Otherwise, a rejection could be imminent.
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