- Dogecoin’s Derivatives volume slumps below $1 billion amid dull price action.
- Analyst estimates the length of DOGE trading in phased consolidation mode.
- Widening Bollinger Bands hint at incoming price fluctuations for Dogecoin.
Aside from Dogecoin’s (DOGE) tremendous run to $0.2255 on April 1, 2024, the top dog has been trailing against younger and smaller peers like Shiba Inu (SHIB), Floki (FLOKI), Bonk (BONK), Dogwifhat (WIF). DOGE also lost its status as the most demandable meme coin on Derivatives, bowing down to PEPE.
DOGE Army Clings on to XPayments Hype
DOGE is expecting to bank on the inclusion by XPayments, the official X peer-to-peer (P2P) system that’s due for launch in 2024. As Elon Musk’s X is collecting money transmitter licenses, the development could employ DOGE as a currency of payment on the platform.
Crypto analysts attribute Dogecoin’s calm performance to the fact that the most recent Bitcoin halving happened just two months ago. According to crypto analyst Kaleo, this aligns with DOGE’s previous moves, which produced 6,000% and 30,000% bull rallies for the top dog crypto back in late 2020 and mid-2021.
It took DOGE eight months after the previous BTC halvings to catch up on the news. Kaleo singled out August 2020 as an example of this, warning crypto aficionados that a drawdown of 30% is imminent if DOGE repeats the 2020-2021 course.
Dogecoin to $1 Remains an Open Target?
“I wouldn’t be surprised to see the current bullish trend break lower back to the 8-10 cents range and retrace the February move up that we saw.” Dogecoin’s current price movement is compared to the pullback before DOGE went mainstream thanks to Elon Musk’s performance on Saturday Night Live, among other celebrity endorsements.
Kaleo strongly believes that DOGE is up for a ride in the meme coin megacycle to $1 or even $2, adding a message of patience for his followers: “History just says we most likely have a little bit of time left to prep for it before it happens.”
Other crypto chart analysts, such as DOGE Coach, also consider Dogecoin’s $1 dream feasible, but the short-term trend has analysts split into two camps. While Kaleo expects a 30% drawdown for DOGE in the coming days, others expect Dogecoin’s price to catch up with the resistance area at $0.145 to $0.148. With 75% of current DOGE custodians making a profit at this price range, it offers mild to moderate selling pressure.
As of press time, DOGE is changing hands at $0.1255, sliding down by 0.7% over the past seven days. Previously cemented with ultra-narrow Bollinger Bands, the week-long consolidation phase comes to a close after a 25% monthly drop from $0.1688, adding strength to Kaleo’s historical data-based theory.
On the Flipside
- Historical trading data does not consider multiple important factors, such as social sentiment, fierce crypto market competition, or chain development.
Why This Matters
Besides its humorous nature, Dogecoin’s mass appeal is due to its blockchain, which is working on Proof of Work (PoW) consensus alongside Bitcoin.
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