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In 2021, Dogecoin was one of the stars of the bull season, with many zeros in its price. It began a meteoric rise and subsequently reached a market value of approximately 90 billion dollars, shedding its zeros along the way and turning early investors into millionaires. Now, as a new bull season begins, what can be expected for Dogecoin?
What’s Happening with Cryptocurrency Dogecoin (DOGE)?
The cryptocurrency Dogecoin has retreated from its 2024 peak of $0.20637. The DOGE price is consolidating between $0.14 and $0.18. In the last 24 hours, the price has seen a 3% increase, trading at $0.16.
On the hourly chart, DOGE’s price is within the local channel, with support at $0.1628 and resistance at $0.1721. With most of the Daily Average True Range (ATR) surpassed, a continuation of sideways trading between $0.1650 and $0.170 seems more likely.
What Does the Short-Term and Medium-Term Outlook Indicate?
Looking at the short-term outlook, we see that neither buyers nor sellers have managed to gather enough momentum for a significant move in either direction. Any potential upward momentum would likely require a return to the $0.18 region. However, considering the current situation, the prospect of sustained movement in either direction remains uncertain.
Looking at the medium-term picture, the cryptocurrency Dogecoin is preparing to close significantly below the weekly bar’s peak. If this happens, investors can expect a consolidation period around $0.15 in the coming days.
Enthusiasm in Meme Coins Directly Affects Dogecoin
Dogecoin, positioned as the king of meme coins, is immediately affected by the enthusiasm in this sector. While expecting a price movement like in 2021 may be difficult, the altcoin Dogecoin is anticipated to surpass its bull season peak level of $0.73995.
If the excitement in the meme coin sector continues, the cryptocurrency DOGE is expected to first exceed the $0.2 level. Afterwards, $0.25 will become a significant resistance area. On the other hand, it is necessary to mention that the movement in the cryptocurrency market depends on Bitcoin‘s activity. If Bitcoin, the flagship of cryptocurrencies, experiences a sharp downturn, this could negatively impact altcoins, potentially causing meme coin Dogecoin to fall below $0.1 again.
