Dogecoin (DOGE) price has been in a downtrend since hitting its April 2023 peak. While many new meme coins are soaring these days, the DOGE price has failed to rally. 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 three weeks. The price is consolidating in a major demand zone which may result in a strong bounce. On Wednesday, Dogecoin plummeted another 1.26% as the BTC price failed to break above 28,000 once again.
The meme coin narrative became big once again in 2023 as the PEPE hype took over the whole internet. New meme coins are popping up every day due to the increased investor interest in the risky asset class. PEPE coin was launched in April and went on o become the 3rd biggest meme coin by market cap within just two weeks of its launch.
Dogecoin price has failed to react to the ongoing meme coin season and has remained sideways. Nevertheless, DOGE still remains the biggest memecoin with a market cap of almost 30 times more than the PEPE coin.
Technical analysis of the DOGE price chart shows that the price has been trading within the $0.065-$0.10 range. The bottom of this range acts as a strong demand zone. 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 is not looking very bearish as the price is still holding its $0.065 support level. The bullish divergence on the Money Flow Index (MFI) is pointing towards a strong bounce very soon. However, this will depend on the BTC price action in the coming months.
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 31, 2023, 14:41 BST 14:41