Dogecoin prices below 20-day EMA, will it ever hit the $1 mark?

Dogecoin's Recent Performance and Future Potential

Over the past few weeks, Dogecoin has experienced a significant decline in its trading price. As of the writing, it is trading at $0.25662, with a weekly loss of 2.96%. According to TradingView data, the current price is below its 20-day EMA of $0.28112.

Historical Performance and Future Outlook

Since November 2024, Dogecoin has been in an upward trend. However, from late January 2025, it has lost 28% of its value in the past 30 days and over 34% in the past 90 days.

Despite the recent downtrend, there is still optimism among market experts. They believe that Dogecoin, as the pioneer of the memecoin market, has the potential to surpass the $1 mark in the near future. The nearest visible resistance levels are $0.40530 and $0.43574.

Factors Influencing Dogecoin's Value

Elon Musk's support and the victory of Donald Trump have contributed to Dogecoin's price surge in the past. In the past 6 months, its price has increased by 127%, and in the past 52 weeks, it has gained over 200%.

Technical Analysis

The market capitalization of Dogecoin has mirrored its declining trading prices, currently standing at $36.85 billion. In the past week, a significant number of investors have sold their holdings to secure profits.

Conclusion

Memecoins, including Dogecoin, possess a bright future. However, the market needs to improve user and investor security. The proliferation of memecoin projects in recent months has led to the unavailability of approximately 92% of them.