Dogecoin (DOGE) price has failed to generate any returns for its long-term holders despite an ongoing meme coin season. While many new meme coins are soaring these days, the DOGE price has remained sideways. However, the latest analysis suggests that the biggest memecoin might be gearing up for a massive bullish move.
DOGE price has been trading sideways for the past two weeks. The price is consolidating below a major resistance level which is very concerning for short-term holders. On Thursday, the price went down 0.49% as the volatility increased after a 25 bps rate hike yesterday.
For the first time since 2021, meme coins have started to gain traction once again. New meme coins are popping up everyday due to the increased investor interest in the risky asset class. Among these coins, the PEPE coin has emerged as the most popular cryptocurrency. It was launched in April and went on o become the 3rd biggest meme coin by market cap within just two weeks.
The rising popularity of PEPE has become a cause of concern for the DOGE holders as the Dogecoin price hasn’t lived up to the hype. Nevertheless, DOGE still remains the biggest memecoin with a market cap of almost 30 times more than the PEPE coin.
The following DOGE price chart shows that the price has broken down below the symmetrical triangle pattern and consolidated just below 200 MA. The chart looks very bearish at first glance. However, a closer look reveals that the bulls are pretty much still in the game. This is because the bullish market structure of the coin still remains intact.
Dogecoin price prediction may become very bullish if its breaks above the 200 MA that currently lies at $0.08362. In this case, I expect the price to rally toward $0.11 level, which is the next major resistance. A break above this resistance may unlock another 40% rally.
In the meantime, I’ll keep posting my updated SHIB & Dogecoin analysis in my free Telegram group that you’re welcome to join.
This post was last modified on May 04, 2023, 10:19 BST 10:19