Bitcoin has once again risen above $44,000, while negativity persists in the altcoin market. DOGE has fallen below $0.08. Despite being the largest meme coin by market value, the DOGE price has taken its share from the recent altcoin sell-offs. So, what is the expectation for DOGE in the coming period? What do current predictions indicate in terms of price?
Dogecoin (DOGE)
On December 31, the DOGE price overcame resistance from the last peak and rose to $0.094. While investors were expecting the price to drop a zero, they saw gains quickly reverse with the Matrixport report. Dogecoin (DOGE), losing the $0.087 support, is now finding support at $0.078. If the sell-offs continue, we might see a further decline to the $0.0715 area.
In the coming days, as SEC approval is anticipated, increased interest in BTC and a rise in BTCD are expected to continue the weakness in altcoins. This situation triggered altcoin sell-offs days in advance.
For a rebound, it is necessary to surpass and convert the $0.088 threshold into support with closures above $0.0825. Above this, crossing the $0.09788 barrier could lead to a visit to the $0.106 peak. In the short term, the lack of interest and Elon Musk’s unexpected lack of support may result in Dogecoin investors being less bold, so less resistance on the downside would not be surprising.
Dogecoin Predictions
In a potential 2024 bull run, Dogecoin could be among the assets of interest as in previous seasons. However, the growth of meme coins with lower market values and the formation of their own communities could lead to a decline in demand for Dogecoin at its peak. Remembering how Elon Musk constantly mentioned it during the period when it saw a daily trading volume of $40 billion, we can better understand the loss of a major price catalyst.
However, in a possible comeback, after overcoming the barriers of $0.158 to $0.213, there is a chance for the price to return to the $0.3 threshold this year. Above this, we should see a development that will trigger a much larger demand wave for peaks.
On the other hand, ongoing sales by miners have been pressuring the price for a long time. The continuation of this negative trend indicates that the $0.3 peak target is a weaker possibility when compared to the downside risks. The number of new favorite meme coins like FLOKI, PEPE, BONK is likely to increase, and this situation is now shaping up against Dogecoin.
