dogecoin‘s 47% Decline Prevents Mega DOGE Price Rise
Dogecoin, the world’s largest meme coin, has been under major selling pressure, falling 17 percent last week and over 33 percent last month. As of the moment the article was published, dogecoin (DOGE) price is trading at $0.1255, down 4.5%, and its market value is $18.09 billion. However, market analysts remain bullish, stating that the meme coin has weathered such major corrections in the past as well.
Is Dogecoin Price Preparing for a 1000% Rise?
Crypto analyst Ali Martinez highlights the recurring pattern in Dogecoin’s price behavior, suggesting that the current correction is typical before significant bull runs.
Martinez points to historical examples from 2017 and 2021 when the Dogecoin price experienced similar pullbacks before significant price increases. In both cases, Dogecoin broke out of descending triangles, retreated by significant percentages (40% in 2017 and 56% in 2021), and then witnessed massive bull runs of 982% and 12,197% respectively.
Martinez notes that Dogecoin is likely to exit the descending triangle once again in 2024 and undergo a 47% price correction similar to previous cycles, which could potentially precede the next Dogecoin bull run. On the other hand, interest from Dogecoin whales is increasing to support the upcoming rally.
This observation reveals a recurring pattern in Dogecoin’s price movements over the years and underscores the importance of patience for investors. If DOGE price follows a similar trend as Martinez suggests, we could see DOGE surpass $6.0 in the next crypto bull run.
Kindness: Ali Martínez
Short Term Price Movement
Following the decline below $0.150, Dogecoin experienced ongoing declines and entered a short-term downtrend similar to Bitcoin and Ethereum. The price dropped below the critical $0.1350 support zone and dropped as low as $0.1201 before stabilizing.
Even though there was a slight recovery above $0.1250, gains remained limited due to the $0.130 resistance. DOGE is now trading below $0.1420 and the 100 simple moving average (4-hours) and is facing resistance near $0.130. The next major hurdle lies at $0.1350; Failure to exceed this level may result in further downward movements. The first support is expected to be at $0.1220.
The next important support level is near $0.120. If the price exceeds this support level downwards, it may continue to decline. In such a scenario, the price could potentially drop to the $0.1040 level.
In another development, a large whale transfer took place for DOGE to the popular trading platform Robinhood. Popular Whale Alert stated the transfer of 15 million DOGE tokens.
150,000,000 #DOGE ($19,812,697) transferred #Robinhood to unknown wallet
— Whale Alert (@whale_alert) May 1, 2024
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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