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Dogecoin is the meme king as it has maintained its dominance for over ten years, but the tables have turned this year. Since the start of the year, Solana meme coins dominated the market with their continuous gains, beating the DOGE and other dog-themed meme coins. As the Dogecoin price is failing to recover this year, this question is whether it is a crypto to continue to HOLD for the upcoming bull cycle or not.
In this blog, let us discuss Dogecoin’s performance in the market and whether to buy, sell, or HODL.
Analyzing The Dogecoin Price Performance
At the time of writing, Dogecoin price is at $0.09699 after a 13.5% decline in the last 24 hours. The charts began to move downwards since the May end, but it did have a consolidation between June 20 and July 2, which should have ended as an uptrend, but with the selling pressure in the market under the market crash, the DOGE price crumbed down to the recent mark.
Dogecoin is now at the lowest point of the last four months, as last time, a similar spot was noticed at February’s end before it moved towards the March rally. At that time, the price rose as high as $0.2201 and was its best performance in two and half years.
What Is Coming Next For Dogecoin?
The current situation looks drastic, and the sellers are active in an attempt to make the best out of this situation. Even the whales are engaged this time, making the situation worse, as just recently a crypto whale has dropped 400 million DOGE ($41.08 million on Binance Exchange.
It is interesting to see how Dogecoin has not only complied with the user’s expectation of surging past $1 but also failed to surge near the ATH of $0.7376 set three years ago. However, these conditions are not new, as the DOGE price exhibited similar performance in 2016 and 2020. Regardless, all these previous events led to a huge uptrend, as highlighted by many analysts, including Astro.
This is to everyone that is surprised about #Dogecoin:
1. 2016
2. 2020
3. 2024What’s new exactly?
The bottom of the pre-pump FVG has always been hit, makes perfect sense, why wouldn’t they push it down?
When weak hands sell now, who is buying? pic.twitter.com/a8CcQO9uBy
— Astro 🏴☠️ (@Astro1062) July 5, 2024
Another crypto analyst, Master Kenobi, has spoken of the same. As per his analysis, Dogecoin took 1337 days before creating a big rally. It did this between 2016-2017, then in 2019-2020, and now the days count again comes to 1337, indicating a similar pattern to run between 2024-25, where we could see the Dogecoin price jump to a new year high.
Final Thoughts
Based on the technical indicators, Dogecoin is in a complete selling zone where the MACD (12,26) levels have dropped to −0.00883 and Momentum (10) is at −0.03108. Moreover, simple and moving averages on all time frames also favor the same.
The Dogecoin price has already moved past the first support level of 0.010331 and is moving towards the second at 0.08214. Its price might recover if it could jump from that towards the pivot at 0.13455. However, DOGE has not been on that level since June mid, so it is hard to anticipate a quick recovery, especially when the sentiments have turned bearish.
Continue Reading How One Crypto Whale is Turning Market Panic into Profit
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