Dogecoin remains the top dog among meme coins in terms of market cap, but its price performance has been lackluster this year compared to its smaller counterparts.
Currently trading around $0.10, DOGE has experienced a 22% decline this week amidst a broader crypto market downturn. However, what’s concerning for Dogecoin holders is its inability to generate significant rallies even during bullish market phases. Lower-cap memes like PEPE, WIF, and POPCAT have outpaced DOGE in 2024.
So, what’s next for the original meme coin?
What you'll learn 👉
Technical Analysis
DOGE hit its 2024 yearly high of approximately $0.22 in March but has since been trading in a descending channel. Like its meme coin rival SHIB, Dogecoin has struggled to break out of this pattern.
It’s worth noting that many altcoins entered descending channels since March, but a significant number managed to break out. Unfortunately, DOGE isn’t among them.
To break this channel, DOGE would need to overcome the $0.11 resistance and then the $0.13 level, which aligns with the 200-day moving average.
Trading below the 200-day moving average is generally considered bearish for a coin. This indicator represents the average closing price over the past 200 days and is often used to determine long-term market trends. When a coin trades below this level, it suggests that selling pressure outweighs buying pressure in the long term.
The current RSI of 59 for Dogecoin indicates a neutral momentum. RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions. A reading of 59 suggests that DOGE is neither overbought nor oversold, sitting comfortably in the middle range.
The MACD line being above the MACD signal line is typically interpreted as a bullish signal in the short term. This indicator compares two moving averages and helps traders identify changes in the strength, direction, momentum, and duration of a trend. The current position suggests that DOGE might be gearing up for a potential short-term upward movement, although this should be considered alongside other market factors and indicators.
Recently, Elon Musk shared an image portraying himself as a Roman centurion and mainstream media as an emperor, implying the media should cover Dogecoin as a top 10 cryptocurrency. Unlike past instances where Musk’s tweets about Dogecoin caused market frenzies, this time DOGE’s price remained largely unaffected. The cryptocurrency continued to trade within a tight range, following the broader crypto market trend.
Read also: Meme Coin Prices ‘Wake Up’ – dogwifhat (WIF) and POPCAT Lead the Rally
DOGE Price Forecast
Optimistic target ($1): Reaching $1 would be a monumental achievement for Dogecoin, representing a nearly 900% increase from its current price. This target is considered highly optimistic and would likely require a combination of factors, such as:
- A strong bull run in the overall crypto market
- Significant adoption of DOGE in real-world transactions
- Major endorsements or integrations by influential figures or companies
- A shift in market perception, viewing DOGE as more than just a meme coin
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Show more +Realistic target (Breaking $0.73 ATH): Breaking the all-time high of $0.73 is seen as a more realistic long-term goal. This would represent a return to Dogecoin’s peak performance and would require:
- A recovery in the broader crypto market
- Renewed interest in meme coins
- Positive developments within the Dogecoin ecosystem
- Potential integration into major platforms or services
Conservative target (Surpassing 2024 yearly high of $0.22): This is considered the most achievable target in the near to medium term. To reach this level, Dogecoin would need to:
- Break out of its current descending channel
- Benefit from an overall market recovery
- Maintain its position as a leading meme coin
- Possibly receive a boost from positive news or developments
It’s important to note that Dogecoin’s future will largely depend on overall market conditions, potential political shifts such as a Trump victory in November, and the possibility of Musk implementing DOGE as a payment option on X (formerly Twitter).
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