Dogecoin Price Prediction as Bearish Sentiment Looms – A Downward

Original author：Crypto World Daily

Original source：https://www.youtube.com/embed/h9XVLw6V2TQ

The Dogecoin price has jumped by 2.5% in the past hour, rising to $0.08049 following a poor weekend for the meme coin and the wider crypto market.

Despite this morning’s lift, DOGE recent bad fortunes mean that it’s flat in the past 24 hours, down by 2% in a week and also down by 10% in the last 30 days.

It has also declined by 10% in the past hour, a percentage that underlines the poor 2023 it had, especially in contrast to other major tokens.

However, while DOGE has disappointed, the market has oversold for too long, so today’s move may be the start of a rebound.

Dogecoin Price Prediction as Bearish Sentiment Looms – A Downward Trend in Store?.


DOGE’s indicators have been in the red for so long that it wouldn’t be surprising that the meme token has just begun a resurgence.

Most notably, its relative strength index (purple) had languished below 50 (if not 40) since the beginning of the year, although has risen today.

Much the same goes for its 30-day moving average (yellow), which has slid gradually since the New Year, with only a brief interruption for when the SEC approved 11 Bitcoin ETFs a couple of weeks ago.

As such, it’s entirely credible to claim that now is as good a time as any for a Dogecoin comeback, especially when its 2023 was so bad.

Its support level (green) has held up well in recent weeks, suggesting that it had reached a bottom and was ready to return to growth.







What’s interesting about the past hour’s spike is that it has come amid a pretty low 24-hour trading volume for DOGE, a volume which has declined from over $1.3 billion in mid-January to only $325 million today.

This could be spun as a positive sign, however, in that the Dogecoin price could rise even higher once bigger volume arrives.

Yet so far, there’s no sign that whales are much interested in accumulating the meme coin, with the last big transfer being to a trading platform last week.







This all said, the wider market’s return to bullishness in the coming months will help push DOGE even further, potentially to $0.20 by the summer.

On top of this, X has stated its aim of introducing peer-to-peer payments on its platform this year, a move which could bring DOGE to the social network.

And if it does, DOGE is likely to surge.

Alternative Meme Coins for Bigger Rallies.


While DOGE is likely to see a resurgence sooner or later,...

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