Is the Dogecoin price rally over?
Dogecoin price corrections continued throughout the weekend, and the strong rally of the past four weeks may be coming to an end. The popular meme cryptocurrency fell from a recent high of $0.4265 to a low of $0.3431, a drop of 19.55%. The drop has sparked heated discussions on social media, with everyone wondering how long Dogecoin's rise will last and whether the momentum of the rise has passed.
The decline in Dogecoin prices is simply that people in the market are not as enthusiastic. Social media sentiment, which is the key to Dogecoin's popularity and price trend, is now looking a little weak.
The recent wave of Dogecoin's popularity is due to Trump, Musk, and some funny associations with government efficiency in the US presidential election. The enthusiasm seems to have faded, and the price adjustment of Dogecoin has followed.
What's next for Dogecoin?
It is interesting that the recent rise and fall of Dogecoin has formed a "bull flag pattern" on the 1-hour candlestick chart. This pattern looks like the current trend will continue and the price of Dogecoin will surge upward. Now, it depends on whether it can close above $0.40, so that the bull market momentum can be stabilized
