DOGE has fallen by 1% in the past 24 hours, with the Dogecoin price dropping to $0.1605 on a day when the crypto market as a whole has gained by 1%.
Today’s dip means that Dogecoin is down by 2.5% in a week and by 22% in the past fortnight, although the coin has fared better than many others in recent weeks, having overtaken Toncoin (TON) in terms of market cap.
And with DOGE still sitting on a 100% gain in a year, it remains in a good position for additional rallies in the coming months.
Such rallies could come sooner rather than later, with the post-Bitcoin halving lull likely to give way to more positivity as the market receives improved macroeconomic news.
Dogecoin Price Prediction as DOGE Overtakes Toncoin in Coin Rankings – Can DOGE Spike Up to $1?
DOGE’s indicators find themselves at what looks like a crossroads, with the meme coin equally capable of further gains or further losses.
Most notably, DOGE’s 30-day average (orange) dipped below its 200-day average (blue) yesterday, but it has now recovered slightly and could be about to climb over the longer term average.
This could be a sign of an incoming breakout, with the coin’s relative strength index (purple) also point up again after falling close to 50 earlier this morning.
Such positions are pretty ambiguous, but it’s interesting to note that DOGE’s resistance (red) and support (green) levels are converging on each other.
This may signal an eventual big move, and given that DOGE (and the rest of the market) has been somewhat subdued in recent weeks, it’s entirely arguable that we should go up soon.
Indeed, DOGE’s 24-hour trading volume has declined consistently in the past week or so, again implying that a bounce should arrive soon.
It’s also worth pointing out that the most recent data suggests that some whales had been accumulating DOGE during its recent downturn, preparing themselves for the next rally.
🚨 150,000,000 #DOGE (23,552,001 USD) transferred from #Robinhood to unknown wallethttps://t.co/Z7kyHDma8i
— Whale Alert (@whale_alert) April 16, 2024
Of course, it’s hard to say when the next significant rally will arrive, with the wider market being in something of a semi-funk following the Bitcoin halving last week.
Yet given that the Federal Reserve is likely to introduce some rate cuts this year, we may see things become more bullish in the next few months.
And the Dogecoin price itself may benefit from more championing by Elon Musk, and perhaps from the rollout of digital payments on X.
It could reach $0.25 by summer, and potentially end the year at $0.4.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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