Memecoins
Can Meme Coin Rebound?
Dogecoin price has plummeted, shaking its position among the leading cryptocurrencies. Given the bearish market situation, Dogecoin price the future seems uncertain as experts predict further declines in the coming days.
This drop has sparked debates about its potential for recovery. So what’s happening in the Dogecoin market? Will its price recover soon?
Dogecoin (DOGE) Market Position Weakens
According to CoinMarketCap dataDogecoin slips from its position as 8th largest cryptocurrency cryptocurrency by market cap. Surprisingly, Toncoin overtook it, pushing the dog-themed cryptocurrency to 9th position, with a market cap of $17.6 billion.
The price of Dogecoin has fallen by more than 26% in the last 30 days, with a 2.8% drop over seven days, settling at $0.1217. This drop marks the fall of Dogecoin worst performance in three months.
Since mid-June, the price of Dogecoin has been moving sideways, suggesting a fierce battle between buyers and sellers. As investors grow wary of the cryptocurrency market’s woes, the once-favorite meme currency appears to be losing its appeal.
Factors behind Dogecoin’s decline
There are several factors holding Dogecoin back; one of them is the General collapse of the cryptocurrency marketwhich has cooled investors’ enthusiasm.
Additionally, newer meme coins, especially those on the Solana network, are stealing the spotlight. Solana meme coins like BONK have seen impressive gains since late 2023, while newer ones like BOME have seen significant inflows. Unfortunately, this has taken the spotlight away from the popular Dogecoin.
The Path to Healing
Despite these challenges, Dogecoin holder The number of these machines increased from 6.05 million to 6.7 million this year. However, this has not translated into higher prices and technical indicators paint a gloomy picture.
Currently, the RSI is at 38, which indicates that DOGE is approaching an oversold zone; this level could attract more investors. Additionally, the MACD is above its signal line, which contradicts the longer-term bearish sentiment. This could notably signify a short-term rally or a potential trend change.
Can Dogecoin bounce back? After analyzing its long-term pattern, some analysts see a glimmer of hope. Crypto analyst Kaleo’s DOGE forecast shared on X shows that Dogecoin has not been happening for some time.
“It spent about 9.5 years of its existence moving sideways or down,” Kaloe says.
However, Kaloe said Dogecoin has seen huge price surges twice after the consolidation phase.
“Each of these respective moves took about 8-9 months after the halving before they started pumping,” he explained.
Based on his analysis, Kaloe predicts a possible drop to $0.08-0.09 before a potential rise to $2. Based on historical trends, this price increase will happen soon.
“History just tells us that we probably have some time to prepare for it before it happens,” Kaloe said.
Another analyst believes Dogecoin (DOGE) could soon reach the breakout target of $0.6533, marking a 404% price increase. However, this prediction remains a speculation as the cryptocurrency market is highly volatile.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.
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