Dogecoin (DOGE), the original memecoin, has taken a hit, dropping over 8% to $0.1443 within the past 24 hours. While this bearish trend might alarm some, there are signs it could actually set DOGE up for a comeback.
Why This Dip Could Signal a Bounce-Back
Despite the current downturn, analysts see a silver lining: with the price drop, increased selling pressure could soon drive DOGE to a stable support level, from which it might rebound. If DOGE finds solid footing at $0.14, it could quickly rally back up, especially if bullish sentiment picks up in the market.
Interestingly, DOGE has shown resilience despite its recent dip, with a 1.76% gain over the past week and a 32.55% increase in the last 30 days. Trading volume has also surged by 15%, suggesting sustained interest in DOGE despite the price slip. This volume growth could mean that the downward trend won’t last long and could actually spark a bullish reversal.
Robinhood Boost: DOGE Transfers and Bonus Incentives
In a boost for DOGE, Robinhood Crypto now allows users to deposit and withdraw Dogecoin with a 1% bonus, valid through November. This expansion comes as Robinhood aligns its crypto services with regulatory standards, following a Wells Notice from the SEC. With Robinhood’s reputation as a popular platform for large-volume traders, this move could increase DOGE transfers and provide further price support.
Looking Ahead: Will DOGE Hit a New All-Time High?
As the year closes, analysts are predicting the next All-Time High (ATH) for Dogecoin could arrive in 2025, with DOGE likely to follow a historical trend of rising after Bitcoin halvings. This upcoming halving, along with increasing interest in DOGE as 2024 draws to a close, might make the current dip an opportune moment for traders betting on future gains.
In short, while the recent price dip might seem negative at first glance, it could pave the way for a Dogecoin rebound, especially with growing trading volume, Robinhood’s support, and historical trends all in play.
