Dogecoin Price Predictions: Will DOGE Price Bounce Back to $0.48?

Dogecoin's Trajectory Amidst Market Correction

Dogecoin (DOGE), the preeminent memecoin, has faced the impact of the recent crypto downturn. Despite its significant market capitalization of approximately $38.4 billion and average daily trading volume of $1.58 billion, DOGE has declined over 25% in the past few days, reaching a price of 26 cents on February 6.

Price Expectations

Dogecoin's daily price chart reveals a correction since reaching $0.48 in early December 2024. Technically, it has formed a bullish pennant during its ABC correction.

The recent dip to 20 cents retested a falling trendline, indicating a potential reversal similar to the mid-December rally. The Relative Strength Index (RSI) has also hovered in oversold territory for the past week.

Supported by the 200-day Moving Average (MA), DOGE's price is poised for a rebound towards its all-time high in the near future.

Whale Interest

On-chain data from Santiment shows that Dogecoin wallets holding between 10 million and 100 million coins have acquired over 750 million more during the market correction. Whale investors in this category now hold over 23.2 billion DOGE.

The launch of the Trump memecoin on Solana has boosted confidence in the memecoin industry. Dogecoin has gained wide acceptance as a payment method, making it well-positioned for further growth.