DOGE Bulls Prepare Show as Dogecoin Landing on Moon Nears

Dog-themed cryptocurrency Dogecoin (DOGE) has seen a marginal drop of 0.67% over the past 24 hours and is currently trading at $0.08. The daily and weekly charts for the dog-themed cryptocurrency depict a steady price drop as profit-taking ensues.

Dogecoin's dip comes after a stellar surge that saw it mark its 10th anniversary with a high of $0.10 on Dec. 11. The dip has caused Dogecoin to go below the MA 50 at $0.088 on its daily charts, potentially marking its third day of losses if it ends in the red.

Dogecoin has suffered four consecutive weeks of losses since early December, but bulls might be preparing to return as Dogecoin's big day approaches.

On Jan. 8, a physical Dogecoin will land on the moon via Astrobotic's Peregrine Lunar Lander, inside DHL MoonBox.

Dogecoin has notably attracted moon-related activities. Tesla CEO Elon Musk spoke of a Doge-1 spacecraft to the moon, totally funded by Dogecoin, in 2021.

While expectations are on the rise as Dogecoin's big day nears, Dogecoin vocal community member Mishaboar cautions against unrealistic expectations.

"As usual, Dogecoin and crypto newbies, do not consider any special events or dates as opportunities for easy speculation. Have fun, play with dog money, but stay cool, like Fonzie. Special dates in crypto are very often the theater for pump-and-dump events," Mishaboar wrote in an X post.

Dogecoin price action

Dogecoin dropped to a low of $0.076 on Jan. 23 but quickly recovered to above $0.08 in the days that followed. The bulls are keeping the price near $0.08, but they are having difficulty launching a significant relief rally.

If the present falls continue, Dogecoin may retest the previous support at $0.076; if this is breached, bears may push Dogecoin to the daily MA 200 at $0.072.

The first sign of strength will be a break and close above the daily MA 50 at $0.088, which might pave the way for a move up to $0.10. The area between $0.10 and $0.11 is expected to be a hurdle for bulls if the price makes a comeback.