Forget $1, Dogecoin (DOGE) Price Can Drop to 8 Cents Before Resuming Bull Run

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As a researcher with extensive experience in the cryptocurrency market, I have closely followed the price movements and trends of various meme coins, including Dogecoin (DOGE). Based on historical data and current market conditions, I believe that Dogecoin’s lackluster performance compared to other meme coins like Dogwifhat (WIF) and PEPE Coin is a cause for concern.

Although meme coins have experienced significant price surges in the market, Dogecoin (DOGE) has underperformed its peers in terms of returns. The coin’s price remains stagnant around $.12, making it an unattractive investment compared to other meme coins like Dogewifhats (WIF) and PEPE Coin. According to crypto analyst Kaleo, Dogecoin may experience a 30% decline in value before resuming its bullish trend.

When Will the Dogecoin (DOGE) Price Hit $1?

For over a decade, Dogecoin has predominantly traded in a sideways or declining pattern according to well-known cryptocurrency trader Crypto Kaleo. Specifically, the digital currency’s price has stayed relatively unchanged for approximately 9.5 years. However, it experienced a significant surge during the last year.

Dogecoin’s sideways movement since reaching its previous record highs has lasted roughly as long as its past sideways phases prior to a significant price increase.

Based on my research into past market trends, I’ve observed that Dogecoin prices have historically consolidated for around 8-9 months following Bitcoin halving events before experiencing significant rallies. Given that we are currently only two months removed from the most recent halving event, it seems reasonable to anticipate that any major price surge in Dogecoin might not occur until late 2024 or early 2025.

DOGE Can See 30% Retracement

In the near future, Dogecoin’s outlook appears less promising according to Kaleo’s prediction. There is a possibility of a price decrease, which could cause Dogecoin to fall back to around 8-10 cents, undoing the progress made in early February.

In August 2020, Dogecoin experienced a significant 30% price drop that preceded its impressive bull run to reach 75 cents. Kaleo cautions that the Dogecoin community may be too eager about DOGE keeping pace with other meme coins without taking past patterns into account. Regardless, he is optimistic about a meme coin boom and believes Dogecoin will eventually trade between $1 to $2. Recent whale activity in Dogecoin has fueled speculation of an upcoming rally. However, for Dogecoin’s price to advance, it must first break the resistance at $0.15.

$DOGE / #Dogecoin
For those of you who say DOGE is boring – for the most part, you’re right.
For approximately 9.5 years out of its total tenure, the price moved laterally or declined. In contrast, during the remaining year, there were two significant surges: one yielding a return of around 6000%, and another generating over 30000% increase from the base prices.
The…
— K A L E O (@CryptoKaleo) June 25, 2024

Elon Musk, known for his support of Dogecoin within the industry, is anticipated to introduce payment options for the X platform. However, Musk has yet to publicly address this possibility due to existing regulatory hurdles. Analysts predict that clarification on these matters may emerge following the 2024 US elections.

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2024-06-26 15:55