Since Bonk has received a lot of attention, other memecoins have started to be quietly traded in the market. Dogecoin, Shiba Inu, and Pepe are all traded in a very small range. Because the bonk is expected to last for a long time, Dogecoin's will likely stay in a tight range.
By the end of 2023, will Dogecoin continue to do so?
In the short term, Dogecoin's trend is positive and it could hit a lower support level. However, this coin also has some hidden bullish signals that could push ** above the bearish signals. For now, the dominance of the bulls seems to be weakening, but once they touch the liquidity zone, their grip may increase.
Dogecoin's ** is currently testing the bottom support level of the descending channel, which is expected to ** and possibly reach 0A high of $103. However, the bulls are likely to tighten their grip on the channel and break through the upper resistance of the channel.
Since the volume is not in favor of the bulls, it is likely that the consolidation will continue.
As a result, Dogecoin may hover around the support level for a while before appearing. The market is mainly focused on BONC at the moment, and liquidity for other memecoins may decrease.
However, the market is about to enter the end of the year's trading and new liquidity is expected to enter the market, which could push Dogecoin's expectations to remain flat for a while before breaking new highs.
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