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Dogecoin Price Could Crash 23% as DOGE CEO Challenges SHIB Community

Published

5 months ago

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Dogecoin (DOGE) price reflex recovery from Monday’s drastic crash seems to be struggling to maintain momentum despite signals that the network could soon launch a Web3 gaming community.

Gaming is Coming on Dogecoin

According to a post by Jordan Jefferson, the founder and CEO of the Dogecoin wallet MyDoge, gaming will soon launch on the largest meme coin network. In a surprise move, Shiba Inu’s lead developer, Shytoshi Kusama, took a swipe at the upcoming Web3 game, drawing attention to the SHIB ecosystem’s “Shiba Eternity” game. However, Jefferson argued that “both communities can battle in this game across both chains.”

Dogecoin’s move to tap into web3 gaming could increase the token’s utility despite Kusama ‘laughing’ at the idea. Like Shiba Eternity, the new game on the network will increase demand for DOGE price, which has been struggling to stay above the recently reclaimed $0.1 support.

Dogecoin Price Risks a 23% Drawdown

Dogecoin price holds slightly above short-term support at $0.1. This follows an upswing from $0.08 support and a rejection at $0.108. Bulls intend to push DOGE to reach the next crucial target of $0.2, however, the presence of a death cross pattern in the daily timeframe, suggests downside risks are still apparent and cannot be ignored.

Note that a death cross pattern occurs when a short-term moving average, like the 50-day EMA in Dogecoin’s case, crosses below a long-term one, such as the 200-day EMA, pointing to potential bearishness.

Based on this Dogecoin price forecast, traders may read this as a sell signal or tighten stop-loss orders as long as they can validate the bearish thesis using other indicators.

The Moving Average Convergence Divergence (MACD) has not recovered from the current sell signal, which could be weighing on the Dogecoin price and holding it back.

DOGEcoin price chart | TradingviewDOGEcoin price chart | Tradingview
DOGE price chart | Tradingview

As traders prepare to brace for the impact of the death cross, they should be aware of the falling wedge in the daily time range. This bullish reversal pattern formed when the Dogecoin price corrected from its $0.2288 peak in March, touching three higher lows and three lower lows.

Linking these price points using trend lines forms a falling wedge, which could blast DOGE 58% higher to close the gap to $0.2. The target is determined by measuring the distance between the first swing high and the first swing low, which is then added above the breakout point. The stop loss would be placed slightly below the breakout point for risk management.

Frequently Asked Questions (FAQs)

Shytoshi Kusama laughed at the idea, drawing attention to the “Shiba Eternity” game.

Gaming will drastically expand DOGE’s utility, increasing demand and accelerating growth.

Despite the recovery above $0.1, Dogecoin faces a looming death cross, a bearish signal that could trigger a sell-off to $0.08.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Price At Risk of Further Drop As Whale Moves $59M

Published

3 days ago

on

December 20, 2024

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The Dogecoin price is at risk of more decline following a recent whale movement, which indicates a potential sell-off. The foremost meme coin is already down over 18% in the last 24 hours amid this recent crypto market crash.

Dogecoin Price Could Drop Lower As Whale Moves $59 Million

The Dogecoin price is at risk of further drop as a whale recently moved $59 million. Whale Alert data shows this investor moved 200 million DOGE to the Binance exchange.

Such Whale movement always sparks a bearish outlook for a crypto’s price, as it suggests the investor in question is looking to offload their coins. Such sale could put significant selling pressure of the top meme coin, leading to more price declines.

As CoinGape reported, the DOGE price has plummeted and is at risk of dropping to as low as $0.20, which marks a crucial support level for the meme coin.

In an X post, crypto analyst Kevin Capital suggested that a Dogecoin price drop to this level would be worrisome. He stated that he would start to worry of DOGE loses $0.26 on a weekly close. However, for now, he believes that this price decline is a normal market pullback.

The analyst also noted that the correction had been brewing in the charts for weeks. However, he suggested that this price decline is worse than expected thanks to the Fed’s hawkish stance and an imminent US government shutdown.

What Next For DOGE?

The Dogecoin price is still expected to witness a bullish reversal at some point, as analysts predict that the bull run is far from over. Crypto analyst Master Kenobi suggested that this bullish reversal could happen in January 2025.

This came as the analyst alluded to the 2021 bull run when a similar crypto market crash occurred in December 2020. The analyst noted that the Bitcoin price suffered a 30% loss while DOGE also followed suit, dropping by 55%.

BTC vs DOGEBTC vs DOGE

However, amid the panic, these coins witnessed a bullish reversal in January 2021 as they surged to new highs. This eventually paved the way for the Dogecoin price its current ATH of $0.73 in May 2021.

As such, if history repeats itself, Dogecoin could recover to new highs by January. Kevin had before now also predicted that the top meme coin could pull back to between $0.26 and $0.28 and then reload and come back to break its current ATH.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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​​Dogecoin Price Rally Could Exceed 30,000%: Expert Analyst

Published

1 week ago

on

December 14, 2024

By


As the Christmas season approaches, the Dogecoin price, a major meme-based cryptocurrency, has experienced a remarkable resurgence. the DOGE has seen a significant price spike, reflecting broader bullish market trends. Bitcoin’s price, now hovering above $100k has further boosted optimism. Analysts hint that Dogecoin’s rally could exceed 30,000%, adding excitement to the market recovery.

Analyst Hints Next Dogecoin Price Rally Will be “Bigger Than” 2021’s 30,000% Gain

A crypto analyst shared an X post describing the possibility of an imminent DOGE price rally. The analysis suggests that this potential rally could surpass the massive gains seen in 2021, where DOGE skyrocketed by over 30,000%.

The expert demonstrates Dogecoin’s long-term price movements, showcasing a repeated trend of bullish breakouts following consolidation phases. In 2021, a similar breakout pattern resulted in a notable price surge. Currently, Dogecoin price appears to be approaching a comparable structure, with a sharp upward trajectory possibly ahead. If history repeats itself, the upcoming rally could yield returns even greater than its historic 2021 run, making it a crucial moment for DOGE enthusiasts and traders.

Source: X

The Dogecoin price reached an all-time high of $0.7376 on May 8, 2021, during a bullish market rally. The value of DOGE is currently trading at $0.4075, reflecting a 1% gain in the past 24 hours. Over the past month, Dogecoin has shown significant upward momentum, boasting a 320% surge over the last year.

Retail Accumulate Dogecoins While Retail Sell

The retail sector has steadily increased its Dogecoin holdings over the past month. As of November 6, retail investors held approximately 1.92 billion DOGE. By December 14, this figure had risen to 1.96 billion DOGE, marking an accumulation of 40 million DOGE within a span of just over five weeks.

While retail investors are growing their holdings, whale investors appear to be taking profits. On November 6, whales held 9.31 billion DOGE. However, by December 14, this figure had declined to 9.02 billion DOGE, reflecting a reduction of 290 million DOGE over the same period. 

Source- Santiment

DOGE Technical Analysis: Exploring Dogecoin’s Short-term Outlook

Dogecoin price is hovering around $0.40 as market activity shows bullish momentum signals. The Moving Average Convergence Divergence (MACD) indicator reflects waning bullish momentum. While the MACD line remains above the signal line, the convergence hints at potential price consolidation. The Awesome Oscillator (AO) highlights diminishing bullish strength, with a noticeable decrease in the green histogram bars. 

If bullish forces prevail, the meme coin could surpass its $0.50 resistance level and eventually reach $0.60. In an optimistic scenario, the Dogecoin price forecast could challenge its all-time high (ATH) at $0.73. Extended bullish sentiment could also drive the price towards the psychological $1 mark. However, if bearish trends dominate, the price might decline towards the $0.40 support level or even lower.

​​Dogecoin Price: Analyst Hints DOGE's Upcoming Rally Could Exceed 30,000%​​Dogecoin Price: Analyst Hints DOGE's Upcoming Rally Could Exceed 30,000%
​​Dogecoin Price Chart: TradingView

Dogecoin’s potential for a rally surpassing 30,000% ignites excitement among traders. Historical patterns and bullish sentiment point to significant price action ahead, making this a pivotal moment for DOGE enthusiasts.

Frequently Asked Questions (FAQs)

Dogecoin reached an all-time high of $0.7376 on May 8, 2021.

Analysts suggest DOGE could surpass its ATH if bullish trends continue.

The prediction is based on historical breakout patterns and long-term price movement analysis.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Price Eyes $1 Boom, Mirroring Iconic 2021 Bull Run

Published

2 weeks ago

on

December 9, 2024

By


Dogecoin price, a leading meme-based altcoin, has surged recently, riding the ongoing crypto bull market wave. The digital asset defied broader trends with BTC hovering above $100k, steadily climbing and drawing attention for its impressive rally desspite slight market corrections. Analysts suggest Dogecoin’s upward momentum could mirror its 2021 performance, eyeing an ambitious $1 milestone if bullish mounts pressure.

Dogecoin Price Eyes $1 Breakout, Mirroring Historic 2021 Bull Frenzy

The crypto expert recently highlighted Dogecoin’s potential for a significant price surge, likening its current pattern to the 2021 bull run. The analyst identified the emergence of a “first breakout candle” as a key indicator of explosive growth. The same pattern has reappeared, sparking speculation that Dogecoin could surpass its previous $1 target and reach new heights in this cycle.

Notably, the analyst dismissed the $1 price target as outdated, referencing manipulation allegations during the 2021 rally that hindered progress. Instead, the expert predicts Dogecoin price could achieve levels between $4.20 and $6.90 this cycle, driven by renewed market momentum. This optimistic outlook underscores Dogecoin’s potential to repeat history with an even greater rally. 

Dogecoin Price Eyes $1 Boom, Mirroring Iconic 2021 Bull Run
Source: Tweet

Crypto analysts has highlighted a significant bullish pattern for Dogecoin, indicating potential upward momentum. According to their technical analysis, a bullish pennant formation has emerged on the 6-hour timeframe, signaling a possible breakout.

The analyst predicts that Dogecoin could experience a 30% to 40% price surge as this pattern unfolds. Bullish pennants often suggest a continuation of an upward trend following a brief period of consolidation.

Source: Tweet

The upcoming Congressional address on U.S. economic policy and Elon Musk’s influence intrigue Dogecoin’s outlook. Meanwhile, the rise of meme coins like PEPE and SHIB could bolster DOGE’s momentum, hitting $1 soon

Dogecoin Technical Analysis: DOGE Poised for Major Bullish Breakout

The DOGE price has surged by 20% in the past week. At the time of writing, the meme coin is trading at $0.45, with a 5% surge indicating a bullish trend.

The Dogecoin price forecast is gaining traction, hovering above $0.45, sparking optimism for another rally. If bullish sentiment continues, a potential surge to $0.73, matching its previous all-time high.a breakthrough above $1, similar to its 2021 performance, may be possible. However, bearish pressure could trigger a correction to $0.40 or even $0.35.

The Moving Average Convergence Divergence (MACD) indicates bullish momentum on the 4-hour chart. The MACD line is currently hovering above the signal line. The increasing histogram bars indicate growing buying interest.

DOGE price chart by TradingView

Dogecoin’s recent momentum showcases its potential to surpass historic highs, fueled by bullish patterns and growing market optimism. With continued support, the meme coin could achieve remarkable price milestones.

Frequently Asked Questions (FAQs)

Similar bullish patterns hint at a repeat or surpassing of 2021 highs.

Elon Musk’s influence adds bullish sentiment and intrigue to DOGE’s momentum.

Analysts predict DOGE could surpass $1, aiming for $4.20-$6.90.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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