Forget $1, dogecoin (DOGE) Price May Drop to 8 Cents Before Resuming Bull Run
Despite the strong meme coin rally in the market, Dogecoin (DOGE) lags in absolute return compared to its peers in the industry. Dogecoin price continues to hover around $0.12, making it a boring trade compared to other meme coins like Dogwifhat (WIF) and pepe Coin. Crypto analyst Kaleo predicts that Dogecoin could see a 30% pullback from current levels before resuming its bull run.
When Will Dogecoin (DOGE) Price Increase to $1?
Popular crypto trader Crypto Kaleo explains that Dogecoin has continued to trade sideways or down for most of its 10.5-year existence. He notes that the DOGE price has been moving sideways for about 9.5 years, but has only experienced a strong rise for one year.
Dogecoin’s period of sideways movement since the all-time highs is similar to previous sideways ranges before finally breaking out.
During the previous two bull runs, Dogecoin price consolidated strongly for 8-9 months after the Bitcoin halving event and finally began to recover. It has only been two months since the last halving event. So, given the historical trend, it is very likely that we will not see a major price breakout in Dogecoin until December 2024 or February 2025.
Also Read: Will DOGE Regain $0.15 Before the End of June?
DOGE May See a 30% Decline
In the short term, Dogecoin prospects do not look very exciting. Kaleo predicts a potential pullback for Dogecoin, suggesting the price could drop to 8-10 cents, reversing all gains from early February.
In August 2020, Dogecoin price witnessed a similar 30% pullback that occurred before Dogecoin restarted its mega bull rally to 75 cents. Kaleo said the Dogecoin community was overly eager for DOGE to catch up with other meme coins without taking previous cycles into account. Despite this, he remains confident in the meme coin supercycle and predicts that DOGE will eventually reach $1 to $2. Dogecoin whale activity has raised hopes for a recent rally. However, in order for the Dogecoin price to continue its upward trend, it must first pass the $0.15 resistance.
The industry has pinned high hopes on Elon Musk to bring Dogecoin payments to the X platform. Although Musk is a big fan of Dogecoin, he has not spoken out about it given the current regulatory challenges. Analysts expect more regulations after the 2024 US elections. Maybe things will become clearer by then.
Also Read: What’s Happening in the 2024 US Elections?
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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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