Dogecoin Price Dips To 4 Month Low; Buy, Sell or HODL

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As a researcher with experience in cryptocurrency markets, I’ve closely followed Dogecoin’s performance this year. The meme coin’s dominance has been challenged by Solana and other meme coins, resulting in significant losses for DOGE investors.

As a researcher studying the cryptocurrency market, I’ve observed that Dogecoin held the crown of “meme king” for over a decade with its consistent presence. However, this year has seen a shift in power as Solana meme coins have taken center stage. Since the beginning of the year, these coins have shown impressive gains and surpassed Dogecoin’s performance, leaving many investors questioning whether Dogecoin is still a worthwhile investment for the upcoming bull cycle. With its current struggling price trend, it’s important to consider if holding onto Dogecoin is still a viable strategy.

In this post, we’ll explore Dogecoin’s market trends and provide insights on whether to consider buying, selling, or holding onto it.

Analyzing The Dogecoin Price Performance

Currently, the cost of Dogecoin is $0.09699 – a decrease of 13.5% over the past 24 hours. The price trend took a turn for the worse towards the end of May, but there was a period of stability from June 20 to July 2 that could have signaled an uptrend. However, with the intense selling pressure in the market during the recent market crash, Dogecoin’s price dropped dramatically to its current level.

Dogecoin Price Dips To 4 Month Low; Buy, Sell or HODL

The current price level of Dogecoin marks its lowest point over the past four months, mirroring a previous low observed at the end of February. In early March, the cryptocurrency experienced a significant surge, reaching an impressive high of $0.2201 – its best performance since late 2019.

What Is Coming Next For Dogecoin?

In simpler terms, the present state is quite severe, and sellers are working diligently to mitigate their losses. Even major investors, known as “whales,” have joined in, exacerbating the situation. Not long ago, a significant crypto investor sold 400 million DOGE, equivalent to approximately $41.08 million, on the Binance Exchange.

It’s intriguing to observe that Dogecoin not only met the anticipation of exceeding $1 but also fell short of reaching its all-time high (ATH) of $0.7376, which was achieved three years ago. Yet, this pattern is nothing new as the DOGE price displayed comparable behavior in 2016 and 2020. Despite these repetitions, analysts like Astro predict a significant upward trend based on past occurrences.

This is to everyone that is surprised about #Dogecoin:

1. 2016
2. 2020
3. 2024

What’s new exactly?

It makes perfect sense that the bottom of the pre-pump FVG is frequently struck. Why wouldn’t they press it down under such circumstances?

When weak hands sell now, who is buying?

— Astro (@Astro1062) July 5, 2024

Crypto analyst Master Kenobi shares his perspective, noting that it took Dogecoin approximately 1337 days to experience significant rallies in the past. These occurrences happened around 2016-2017 and 2019-2020. With the current count reaching 1337 days once again, Master Kenobi suggests that a similar price surge could be on the horizon between 2024 and 2025.

Dogecoin Price Dips To 4 Month Low; Buy, Sell or HODL

Final Thoughts

According to the technical analysis of Dogecoin’s indicators, the MACD (12-day EMA subtracting 26-day EMA) stands at a level of -0.00883, while the Momentum (10-day MA) is at -0.03108. These readings suggest that Dogecoin may be in a selling zone based on these specific indicators. Furthermore, the simple and moving averages across all time frames also align with this assessment.

The price of Dogecoin has surpassed its initial support of 0.010331 and is approaching the next support at 0.08214. A potential rebound may occur if Dogecoin manages to surge from there towards the pivot point of 0.13455. However, given that Dogecoin last touched this level in June, it seems unlikely for a swift recovery, particularly considering the negative sentiment surrounding the cryptocurrency market currently.

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2024-07-05 13:19