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Bitcoin continues to see high demand, successfully breaking the $47,000 mark even before an official ETF approval. New peaks could be on the horizon. However, investors are first awaiting the official ETF approval expected within 24 hours. Subsequently, the main focus will be on the trading volumes of ETFs on exchanges. What about Dogecoin?
The Future of Dogecoin
DOGE, the largest meme coin by market value, is battling several challenges. It has lost the support of Elon Musk. Additionally, the developers of DOGE have not made successful strides in building their promised ecosystem. Thirdly, it has to contend with a multitude of new competitors.
The loss of Elon Musk’s support and the rising interest in alternative meme coins could mean continued tough times for DOGE. Of course, the relentless selling by miners, a fourth major problem, must also be taken into account.
With alternatives having the potential to grow 10x, 20x, or more, it seems unlikely that Dogecoin will return to the hype days of Elon Musk’s SNL Show. If this scenario holds, even the best days for DOGE may struggle to reach the $0.3 levels. Therefore, investors may continue to favor alternatives with this perspective.
DOGE Price Prediction
Although DOGE peaked at $0.108 on December 11, the DOGE price has since fallen to $0.074. The intense focus on BTC and the risk of selling the news have accelerated profit-taking in altcoins. As we mentioned on Sunday, this selling pressure in altcoins is likely to continue until the ETF hype subsides.
The daily chart sends a bearish RSI signal for DOGE. However, the six-hour short-term chart shows a bullish divergence. If a double bottom and bullish divergence occur, the DOGE price could increase by 13% and surpass the decreasing resistance trend line at $0.089.
If it fails to do so, closing below $0.074 could help Dogecoin fall to $0.067. Combining fundamental and technical analysis, a continued negative trend followed by a move towards the $0.108 ceiling seems possible.
However, the risks mentioned in the first section are significant in the long term.
