The cryptocurrency market has been battered by recent events, with Bitcoin leading the decline and dragging many altcoins down with it. However, Dogecoin (DOGE), the memecoin often dismissed as a joke, has surprised some analysts with its relative stability during the downturn.

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DOGE Holds On While Others Fall

While established players like Bitcoin and Ethereum have seen significant price drops, Dogecoin has managed to maintain its support level. This unexpected resilience has sparked conversations about the future of DOGE, with some analysts cautiously optimistic.

Analyst Predictions And Community Sentiment

This cautious optimism is fueled by analyst predictions, with figures like Crypto Patel suggesting the current price correction presents a potential buying opportunity for DOGE.

Patel’s analysis highlights DOGE’s relative stability during the recent market downturn, positioning it potentially for future growth compared to other altcoins that fell more sharply.

#DOGECOIN Chart Update 🚀

Down before the big pump$DOGE best accumulation zone:
$0.1-$0.07. I’m targeting $1 and $2 in the long term.

To those who’ve held for the last 6 years, your profit is 6900x at ATH and the current ROI is still 1150x.

Reminder: I never suggest… pic.twitter.com/bXT63iQb8V

— Crypto Patel (@CryptoPatel) June 24, 2024

Patel has suggested an “accumulation zone” for DOGE between $0.07 and $0.10, hinting at a potential long-term price target that could be significantly higher. Based on his forecast, he believes that in the long run, DOGE might rise to $1 or perhaps $2.

The passionate “Doge Army” has a history of driving up prices through social media campaigns and enthusiastic buying sprees. Renewed interest from the community, fueled by positive analyst outlooks like Patel’s, could lead to a surge in trading activity and potentially push the price upwards.

The Challenge Of Sustainability

The question of Dogecoin’s long-term sustainability remains. Memecoins are inherently volatile, and their value is often tied to hype and social media trends, not real-world utility. While a short-term pump is certainly possible, long-term success hinges on factors beyond community enthusiasm.

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For Dogecoin to truly establish itself, it needs wider adoption and real-world use cases. While developers are working on improvements like the “Dogechain” scaling solution, progress has been slow. Continued development and integration with major platforms will be crucial if DOGE is to achieve lasting success.

The Road Ahead For DOGE

The coming months will be critical for Dogecoin. Will it capitalize on its recent resilience and community support to carve out a niche in the ever-evolving cryptocurrency landscape? Or will the inherent volatility of memecoins ultimately lead to its decline?

Featured image from Sports Illustrated Vault, chart from TradingView

Twitter CEO Linda Yaccarino described payments functionality as a fast-approaching feature Monday, which she said will transform the way millions of users engage with each other on the platform also known as X.

“We are actually redefining what users will come to rely on,” Yaccarino told The Female Quotient at the Cannes Lions International Festival of Creativity in France. “The scope of our vision, and the pace of the innovation at the company, is like nothing I can describe.”

Yaccarino was appointed CEO of Twitter last year following Elon Musk’s acquisition of the company in 2022. Tasked with turning the company around amid tensions with advertisers, Yaccarino has also overseen the social media platform’s expansion into technical areas like AI, audio calls, and video streaming.

The amount of information at users’ fingertips on Twitter has grown dramatically with work done under the platform’s hood, Yaccarino said. For example, she described the company’s race to becoming a video-first platform as night-and-day compared to serving as a “140-character messaging app.”

The ability to oversee sweeping changes at the platform was a main reason Musk hired her a year ago, she said. Early conversations between the two focused on helping accelerate the “everything app,” a vision Musk has for the platform that extends to banking and even dating.

A myriad of technical features allowing users to connect in different ways amid abundant amounts of inflation will dovetail with payments “soon,” Yaccarino said.

“There’s so many new things to experience,” she continued. “Think about that: Once we launch payments—we’ll start in the U.S.—the financial system that will emerge on that platform.”

The company made progress on payments when it obtained three money transmitter licenses last July. And while Musk—a well-known Dogecoin devotee—has signaled that he wants the feature to primarily involve fiat currencies, it’s reportedly being built in a way to support crypto payments in the future.

Dogecoin has pumped in the past when Musk discusses Twitter payments functionality, but his firm has never confirmed plans to integrate the leading meme coin. Musk’s electric car company Tesla accepts Dogecoin payments for merchandise, along with Bitcoin payments to purchase vehicles.

Edited by Andrew Hayward

Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This follows crypto analyst Kevin’s (formerly Yomi OG) analysis of Dogecoin, in which he highlighted an important indicator that has turned bullish for the crypto token. 

Dogecoin Indicator Turns Green For The First Since 2020

Kevin mentioned in an X (formerly Twitter) post that the 12-day time frame on the Gaussian channel just recently flipped green on Dogecoin’s chart for the first time since December 2020. He claimed that this indicates a “potential strong bullish trend” is on the cards for the meme coin in the coming months.

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Kevin added that this indicator has never failed in indicating these trend changes, suggesting that Dogecoin has indeed undergone a bullish reversal. 

In another X post, Kevin claimed that Dogecoin has looked much stronger than most altcoins throughout this period, during which the crypto market has continued to bleed and trade sideways. He added that Dogecoin will likely move into the golden pocket at the $0.26 to $0.33 range if it can stay above the Macro 0.382 FIB and the blue support zone on the weekly time frame. 

Kevin also provided another bullish narrative for Dogecoin in another X post. Looking at the four-hour time frame chart, he highlighted a deviation back into the larger symmetrical triangle, which he claimed is a “bullish sign.” He stated that Dogecoin getting back above key moving averages will be important. He also added that he expects the foremost meme coin to test the $0.175 price level at some point, as there is a lot of liquidity in that price range.

The crypto analyst also hammered on liquidity at that price area. He claimed there is a “very big block of liquidity” at the $0.175 level, looking at the 3-month time frame. Additionally, he said that most of the liquidity beyond that level is between the $0.20 to $0.23 range. This is bullish for Dogecoin, as Kevin noted that market makers like to move where the liquidity is, and it is definitely higher for Dogecoin at the moment. 

DOGE’s Next Move

Crypto analyst CrediBULL Crypto recently mentioned that Dogecoin has reached a ‘make it or break it’ level. He, however, seemed confident that Dogecoin could experience an upward trend from its current price level, noting that the meme coin had reached this ‘make it or break it’ level when Bitcoin hit its range lows. As such, he expects Dogecoin to enjoy a price rebound if the flagship crypto experiences a bullish reversal. 

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Meanwhile, crypto analyst Crypto Daily has made a short-term bullish forecast for DOGE. He predicted that Dogecoin would rise to between $0.33 and $0.35 soon. The analyst added that a daily close above $0.18308 could lead to further gains up to $0.57 for Dogecoin.