Over the last few weeks, Dogecoin has faced a series of price corrections. Notably, in the last 24 hours, the price has dropped more than 3%, making many investors concerned about memecoin's short-term performance.
Currently, Dogecoin is trading at approximately $0.1207 and its market cap has exceeded $17.49 billion. Despite this decline, investor confidence remains solid. According to IntoTheBlock data, more than 4.22 million DOGE addresses have held memecoin for more than a year, demonstrating long-term faith in Dogecoin.
Crypto analyst Elja recently highlighted on Twitter that Dogecoin is forming a “double bottom” formation; this is often interpreted as a bullish signal. If this trend continues, DOGE could experience a significant price increase and regain its levels at the beginning of the year.
What to Expect in the Short Term?
The Moving Average Convergence Divergence (MACD) indicator indicates that a possible bullish crossover is imminent. Additionally, Chaikin Money Flow (CMF) is showing an upward trend, which indicates that a price increase may be imminent.
However, the Relative Strength Index (RSI) remains in a downtrend, reflecting increasing selling pressure. Therefore, while a possible bullish breakout carries the potential for Dogecoin to break new highs, cautious optimism is advised.
According to Hyblock Capital's analysis, if a bullish breakout occurs, DOGE could first reach the $0.1289 level as the expected sell-off at this level is increasing rapidly. After this correction, a break above $0.1289 could push the price to $0.135.
Performance of Other Memecoins
Dogecoin is not the only memecoin struggling with downward pressures. Another popular memecoin, Shiba Inu (SHIB), has also fallen by 8% in the last week. Currently, SHIB is trading at approximately $0.00001695 and its market cap is around $9.9 billion.
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