Dogecoin (DOGE) has maintained its position near the $0.077 horizontal support level since the year began. Analysis of both daily and six-hour time frames, along with RSI readings, suggests a potential downtrend in DOGE’s price. Nevertheless, breaching the resistance trendline might trigger a rebound, defying bearish expectations.
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DOGE price is currently trading within a long-term corrective pattern and a short-term bearish trend. It has revisited a horizontal support zone established since the beginning of the year. The critical question remains: will it bounce off this support level or break down?

Dogecoin (DOGE) Technical Analysis
The daily time frame analysis reveals a downward trajectory in DOGE’s price since its peak at $0.107 on December 11, 2023. This decline occurred within the confines of an ascending parallel channel that had been in place since June 2023.
Although Dogecoin experienced a rebound at the midline of this pattern, it faced rejection twice at the resistance trend line, marked by red icons on January 11 and 21, 2024, respectively. Currently, DOGE is trading near the midline of the channel.

DOGE/USDT Daily Chart. Source: TradingView
In terms of momentum, the daily Relative Strength Index (RSI) provides a bearish indication. The RSI, a key momentum indicator used by traders to assess market conditions, suggests whether an asset is overbought or oversold, informing decisions to buy or sell.
With readings above 50 and an upward trend indicating a bullish market sentiment, readings below 50 signal the opposite. Presently, the RSI sits below 50 (highlighted by a red circle), indicative of a bearish trend in DOGE’s price.
Dogecoin (DOGE) Six-Hour Time Frame Analysis
On the six-hour time frame, Dogecoin (DOGE) has been tracking beneath a descending resistance trend line since December 2023. This trend line, coupled with the $0.077 horizontal support level, has formed a descending triangle pattern, typically considered bearish.
Currently, DOGE hovers just above this crucial support area, while the Relative Strength Index (RSI) has dipped below the 50 mark (indicated by a red circle). A breakdown below this support level could potentially lead to a significant 27% decline, targeting the nearest support at $0.057.

DOGE/USDT Six-Hour Chart. Source: TradingView
However, despite the bearish outlook, a robust rebound from the $0.077 support zone could catalyze a breakout from the resistance trend line. This breakout scenario could prompt a 12% upswing, aiming for the next resistance level at $0.087.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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Dogecoin (DOGE) has slipped out of the top 10 list of most valuable cryptocurrencies again, with its price dropping 1.77% to $0.08395. Despite this decline being less severe than last week’s, Dogecoin has seen positive growth over the past month, in line with market analyst Ali Martinez’s predictions.
Analyst Martinez shared a chart depicting Dogecoin’s historical trends, noting similarities to patterns observed in 2020. Back then, Dogecoin broke out from a descending triangle, underwent a consolidation phase, and eventually surged by a whopping 28,770%.
Dogecoin’s Potential for Parabolic Surge
Currently, Dogecoin has broken out of its descending triangle pattern and is in a sustained consolidation phase. Analysts speculate that if the historical trend repeats itself, the meme coin could experience another parabolic upsurge in the long term.

Should Dogecoin follow a growth pattern similar to the 2020 cycle, it could potentially reach as high as $24. However, given its significant supply, this price may be unrealistic. Nonetheless, for members of the Doge Army, the primary objective remains breaching the $1 benchmark, which would be considered a satisfactory achievement in the upcoming bull run.
Dogecoin’s Reliance on Market Fundamentals
Despite its widespread popularity, Dogecoin’s growth is primarily driven by limited use cases. This reliance on sentiment, often influenced by Elon Musk’s comments and memes, has left Dogecoin vulnerable. With Musk’s influence waning, Dogecoin’s fate now rests on broader market fundamentals.
One such fundamental driver is the emergence of spot Bitcoin ETFs and the overall growth of the cryptocurrency market. The continued hype surrounding ETFs could significantly impact altcoins correlated with Bitcoin. For coins like Dogecoin, which lack strong fundamentals, the potential for upside remains substantial in such market conditions.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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Shiba Inu (SHIB), a popular meme cryptocurrency, saw its value spike 5% over the last 24 hours. With the most recent price spike, it has managed to outperform most other major altcoins, according to data from CoinGecko.

The Dogecoin competitor is currently ranked 15th by market capitalization. Other major altcoins have seen little volatility over the past 24 hours.

Shiba Inu's market cap stands at approximately $5 billion, with 24-hour trading volume reaching $240 million. Despite this recent uptick, the coin's value remains significantly lower than its peak in 2021.

Overall, the crypto market appears to be in a state of flux, with a few coins showing significant short-term changes, while others remain relatively stable.

Summer of Shibarium?

Speculation is rife that the sudden price surge is linked to anticipation around Shiba Inu's forthcoming blockchain project, Shibarium. The Shiba Inu team has been fanning the flames of the so-called "Summer of Shibarium," even as it has yet to announce a definitive launch date for the project.

Shibarium is slated to be a Layer-2 solution that will provide a faster and less costly alternative to the Ethereum network, the platform on which the Shiba Inu coin was originally launched.

Despite the lack of a clear launch date, excitement within the Shiba Inu community remains high. Adding to this anticipation, the Shibarium project recently introduced its Beta Bridge for public testing.

As optimism continues to grow, the market remains cautious. Tokens such as BONE and SHIB are still far from their previous 2021 highs.

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