Dogecoin (DOGE) Price Outlook Proves a Rally Is Imminent, Despite Suffering Liquidations

Most traders within the Dogecoin (DOGE) ecosystem are now more cautious than ever, considering the coin's unpredictable volatility.

Dogecoin traders are now more cautious than ever, as the coin has seen more liquidations over the past 24 hours, with long traders specifically being targeted. This is due to the coin's unpredictable volatility, which has made traders wary of holding on to the coin for too long.

However, despite the liquidations, the coin’s price outlook still proves a rally is imminent. As of writing time, the price of DOGE was $0.1382, down by 1.8% in the past 24 hours. Other metrics, including trading volume, are also down by 21% to $1.38 billion, a show of dampening sentiment.

On the other hand, the coin is still up by 9.5% over the past week. This is due to the coin's strong community support, which has helped to keep the coin afloat during the bear market.

The Relative Strength Index (RSI) is pegged at 68.14, slightly below the oversold region. As such, the retracement is considered a very natural one after a week of a relatively mild growth surge.

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