What’s Next for Meme Coin?
TL;DR
- dogecoin (DOGE) is down 12% in a week to around $0.14, but some analysts are expecting a potential price increase based on technical patterns.
- Market analysis shows DOGE has strong support at $0.115 and resistance at $0.16; The RSI of 48 indicates that it is neither overbought nor oversold.
Biggest boob money In terms of market cap, Dogecoin (DOGE) has been greatly affected by the recent market decline. Its price has fallen to around $0.14, representing a 12% decline on a seven-day scale.
DOGE Price, Source: CoinGecko
Despite the downward trend, many X users are expecting new explosive moves from DOGE. An example CryptoJack, WHO It predicts a significant increase when the price of the asset breaks out of a specific declining pattern. He promised to enter a long position, predicting a 55% increase to $0.22.
Merchant Tardigrade speculationHe also claims that DOGE is following a specific bullish parallel channel that could eventually lead to a price increase above $12. The trader paid particular attention to the resistance level at $1.40. accessible sometime next year.
Market intelligence platform IntoTheBlock Lately suggested that the meme coin is positioned “above a key on-chain support level.” The organization estimated that 45 million assets were accumulated at an average price of $0.115; This “points to an area of strong demand that could be important if the market shows weakness.”
Previous Estimates and On-Chain Metrics
Altcoins Sherpa and KALEO are also among those that have risen recently guess A bright future for DOGE. The first expects the meme money to “do something stupid later this year and there’s nothing you can do about it.” The analyst claimed that dealing in it is one of the “safest trades” during the next bull cycle.
KALEO went further and hypothesized that DOGE could outperform Bitcoin (BTC) due to the assumption that the industry is in a “meme supercycle.”
One of the important on-chain indicators that points to a resurgence for the asset is the Relative Strength Index (RSI). This technical analysis tool determines whether the cryptocurrency is overbought or oversold. It ranges from 0 to 100, with a ratio above 70 indicating a selling opportunity. RSI right now stands 48 years old and did not cross the border mentioned level Since May 21.
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