Dogecoin price has increased significantly over a broader time frame. It spiked 366% from October to the first week of December.
However, buyers ran out of steam in the first week of December and were taking profits. During this sell-off, the price of Dogecoin fell 32%.
Price is rising by taking support at the trend line but buyers are weak and do not continue. Price slides below the trend line and continues to fall.
It is the strongest meme coin by market cap. Analysts are predicting another rally after a decline in the broader time frame.
Another Bull Run Coming on Dogecoin?
Trader Tradigrade is a cryptocurrency analyst who shared his analysis of the cryptocurrency DOGE on X. He showed the DOGE chart and commented that the price of Dogecoin is rising according to a pattern. Based on this pattern, the price of Dogecoin is likely to have another rally.
He stated that the price has completed a three-year accumulation phase and has exited it. On the weekly timeframe, the price has seen a slight pullback and is poised to surge soon.
Can DOGE Price Drop to 200-Day EMA or Hit New ATH?
As of this writing, the cryptocurrency Dogecoin is trading at $0.315, down 5.32% over the past 24 hours. Its market capitalization is $46.58 billion and its 24-hour trading volume is $2.54 billion.
Based on the technical chart, the price is defending the support level at $0.300. After a brief pause in the decline, the price has lost about 6% on the day. This selling pressure could cause panic among buyers.
When DOGE price starts trading below $0.300, strong selling pressure can be expected. The price is expected to reach the 200-day EMA as there is no support zone between $0.300 and the 200-day EMA.
If the price slides below the 200-day EMA, buyers may find it difficult to recover. Conversely, if the price defends the support level at $0.300, it could be a bullish signal.
Buyers may show interest when the price breaks above the 20-day EMA. If the price stays above the 20-day EMA, a strong rally can be seen and the price may record a new ATH.
Dogecoin Price Analysis Based on Charts and Expert Opinions
Dogecoin has experienced a significant decline over the past few days, falling around 23% after a period of significant gains. The price is hovering around the important support level of $0.300 and its ability to hold this level will be crucial.
Analysts say that despite the short-term bearish pressure, the price is likely to turn bullish if it sustains above key resistance levels, especially the 20-day EMA.
Successfully defending the $0.300 mark could pave the way for another uptrend, potentially leading to a new record high.
However, a drop below this level could trigger a further sell-off and challenge the recovery. Investors should closely monitor these developments to best strategize moving forward.