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Dogecoin 
$0.208676 (DOGE), a popular memecoin with a market cap of $38.4 billion, has been affected by the recent general market downturn, dropping to $0.26 on Thursday. The coin experienced over a 25% decline due to significant selling pressure. However, technical analysis suggests that this price drop may present a recovery opportunity.
Dogecoin Price Analysis and Commentary
Since reaching $0.48 in December 2024, Dogecoin has been on a downward trend. Nevertheless, its price chart shows an ABC correction pattern, indicating a potential bullish formation.
In the recent downturn, DOGE fell to $0.20, where it found strong support. This support level suggests a potential trigger for a recovery movement similar to the one seen in mid-December. Additionally, the daily RSI indicator has remained in the oversold region for the past week.
Experts predict that Dogecoin will initiate an upward movement, maintaining its price above the 200-day moving average support.
Whales Accumulate DOGE Coins
On-chain data reveals that wallets holding between 10 million and 100 million DOGE acquired 750 million DOGE during the recent correction. This group collectively holds 23.2 billion DOGE.
Furthermore, the launch of the memecoin TRUMP coin on the Solana 
$172 network by 47th President Donald Trump has stirred new activity in the sector. While this move has energized the memecoin market, Dogecoin continues to maintain its strength as it is adopted as a payment method by miners and companies.
To reach $0.48 again, Dogecoin needs a general market recovery. Investors are closely monitoring critical levels that will determine DOGE’s direction in the coming weeks.
