Dogecoin (DOGE) Price Starts February With 23% Crash As Historical Data Paints Bearish Picture

CryptoRank data shows that the Dogecoin price has suffered a 23% crash since the start of February. This follows the monthly green close, which the foremost meme coin enjoyed in January, with a 4% gain in the first month of the year.

The Dogecoin (DOGE) price has started out February in the red, with its price crashing by 23% since the start of the month. This follows a monthly green close, which saw the foremost meme coin enjoy a 4% gain in the first month of the year.

However, despite the historical data painting a bearish outlook for Dogecoin, crypto analysts have provided a bullish outlook for the meme coin.

CryptoRank data shows that Dogecoin has suffered a 23% crash since the start of February. This follows a monthly green close, which the foremost meme coin enjoyed in January, with a 4% gain in the first month of the year.

However, amid this price crash since the start of this month, historical data also points to a bearish outlook for DOGE throughout this month.

Further data from CryptoRank shows that February is historically a bearish month for Dogecoin. The foremost meme coin has suffered a monthly average loss of 1% in February since it launched in 2013. DOGE has had only four monthly green closes in February over the last twelve years.

However, it is worth noting that Dogecoin has only once closed out February with a loss of over 20%, which was in 2014, when its price crashed by over 30%. As such, the meme coin could still witness a relief bounce, which could lessen the severity of the 23% price crash suffered since the start of this month.

Dogecoin Price Analysis

DOGE started out 2023 on a bullish note, surging by over 100% in the first two weeks of January. The meme coin also enjoyed a monthly green close, which was the first since April 2022.

However, DOGE’s price has crashed by over 20% since the start of February. This follows a period of consolidation, which saw the meme coin’s price trade within a narrow range for the majority of the month.

Despite the recent price crash, Dogecoin’s technical outlook remains bullish. The meme coin’s 50-day moving average is still providing support, and its Relative Strength Index (RSI) is also indicating that DOGE is still not overbought.

As such, Dogecoin could still witness a relief bounce, which could see the meme coin’s price recover some of the losses incurred since the start of February.

Dogecoin Price Prediction

Crypto analysts are bullish on Dogecoin, with some predicting that the meme coin could still reach $10 in this market cycle.

In an X post, crypto analyst Ali Martinez predicted that DOGE could still reach $10 in this market cycle. He stated that as long as DOGE holds above $0.19, the setup for a parabolic rally toward $10 remains strong. The analyst added that momentum is building for the foremost meme coin, indicating that it could soon begin the next leg of its bull run.

Meanwhile, crypto analyst Trader Tardigrade predicted that Dogecoin could at least reach $4.5. He stated that DOGE’s Average Directional Index (ADX) signals a potentially massive bull run on the horizon.

The ADX measures trend strength by quantifying the degree of directional movement in price. Analyzing the weekly chart, the analyst asserted that a “super strong trend” could happen soon and will reach its peak in the coming weeks as the meme coin reaches $4.5.

At the time of writing, the Dogecoin price is trading at around $0.25, down over 4% in the last 24 hours, according to data from CoinMarketCap.