Since May 8, the price of Dogecoin has been on a constant and exhausting downward trend. DOGE has recaptured the range low after a brief slide below it, signaling that the buyers have come to the rescue.
Although it is still unclear, if the bullish momentum continues, an upswing could emerge.
The price of Dogecoin has dropped by about 73 percent since its all-time high of $0.745 on May 8, indicating the severity of the current sell-off. While DOGE fell below the range low of $0.194, it rapidly recovered, indicating that buyers had stepped in to save the day.
Yesterday, the VeChain price initiated a head-and-shoulders topping pattern, confirming the price structure’s fragility since the June 22 bottom. The slight VET rally today did not change the bearish view, and all data points to at least a breach of the $0.059 low set on June 22.
From May 23 to June 19, the VeChain price formed a head-and-shoulders pattern that began with a rising wedge shape. The topping pattern resulted in a nearly -40 percent decrease in VET over three days, with a -25.57 percent selloff on June 21. The magnitude of the drop matched the observed move of -39.72 percent in the head-and-shoulders pattern.
Since the June 22 low, the AXS price has seen extraordinary relative strength, beating all of the cryptocurrencies on the watchlist by a significant margin. The resulting overbought state and elevation to a key Fibonacci extension level raises some doubts about the rally’s long-term viability at this point. It’s time for Axie Infinity to consider a slight correction in order to release the price compression in the future days./n
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