|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Dogecoin price remains lackluster this year compared to lower-cap meme coins
Currently trading around $0.10, DOGE has experienced a 22% decline this week
Technical analysis suggests that DOGE needs to break the $0.11 resistance and then the $0.13 level to exit the descending channel
Elon Musk's recent tweet about Dogecoin had a minimal impact on its price movements
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? Let’s take a look at some technical analysis to get an idea.
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:
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
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:
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:
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).
Read also: XRP Price Prediction: Ripple Analyst Forecasts Potential 2,100% Surge to $18, Hints at $100 Possibility
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community? Get all our future calls by joining our FREE Telegram group.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- ETFSwap (ETFS): The Under-The-Radar Altcoin With Sky-High Potential
- Sep 21, 2024 at 12:25 pm
- In a move reminiscent of their lucrative early investment in PEPE, an Ethereum whale is now discreetly stacking up ETFSwap (ETFS) tokens.
-
- BlockDAG’s 30,000X ROI Awaits! Major Listing Rumors Fly While Mega Dice & RCO Finance Presales Heat Up
- Sep 21, 2024 at 12:25 pm
- As more investors look to crypto presales for potentially higher returns compared to established coins, competition in this space is heating up.
-
- Hamster Kombat: A Game Which Has endeared Itself to Gaming Enthusiasts around the World
- Sep 21, 2024 at 12:25 pm
- Hamster Kombat is a game which was introduced in March 2024 and in a short space of time has endeared itself to gaming enthusiasts around the world.
-
- vanitis Unveils $VATO Token, Merging Blockchain with Ethical Beauty
- Sep 21, 2024 at 12:25 pm
- In a groundbreaking step poised to redefine the beauty industry, vanitis has revealed the introduction of its $VATO token
-
- BlockDAG Testnet Launch Steals the Spotlight, Showcasing Its Readiness to Take on the Big Leagues!
- Sep 21, 2024 at 12:25 pm
- The cryptosphere is buzzing with exciting developments from major players like Binance Coin (BNB), TRON, and BlockDAG. As BNB breaks through key resistance levels and TRON proposes significant network upgrades, all eyes are on BlockDAG’s Testnet.
-
- 3 Solana Meme Coins That Could Stage a 500% Rally From Current Prices
- Sep 21, 2024 at 12:25 pm
- With the likes of Dogwifhat, BONK, and POPCAT recording major gains for investors, it has led to the hunt for other tokens that could replicate the same success.
-
- BlockDAG (BDAG) Price Prediction 2022: Will BDAG Reach $1 After Testnet Launch?
- Sep 21, 2024 at 12:20 pm
- BlockDAG has already raised $73.5 million through its presale, offering early backers a 1680% return and securing two major soccer partnerships.
-
- Fantom (FTM) Price Prediction: Will Sonic Testnet Propel FTM to $1?
- Sep 21, 2024 at 12:15 pm
- Fantom's (FTM) price prediction largely depends on the outcome of its Sonic testnet, while Notcoin investors are watching closely after a significant 31% price drop.
-
- Holders with 7500+ BDAG Coins Get Access to BlockDAG’s New Testnet! SHIB Whales Resurface as Uniswap Unlocks 1B Tokens
- Sep 21, 2024 at 12:15 pm
- Shiba Inu (SHIB) has seen a 129% jump in whale activity, just as Shibarium’s upgrades approach. Meanwhile, Uniswap (UNI) has released its full 1 billion token supply