Bittime -When is the revival timeof Dogecoin (DOGE)? The memecoin fever that hit the cryptocurrency market subsided a little in April. DOGE, as a memecoin pioneer, felt the impact of the bearish trend.
The price of this crypto token continues to decline, making it difficult for DOGE holders (bulls) to stop the price decline.
Dogecoin price has fallen nearly 23% since the start of April and hit a daily low of around $0.17 on April 3. Compared to other altcoins, memecoins tend to suffer the most when the market experiences an overall downturn.
This is due to the minimal potential for price recovery in memecoins. Often, memecoin price increases are driven by hype and buying out of fear of missing out (FOMO) .
According to CoinMarketCap data, 8 of the top 10 memecoins (by market capitalization) experienced losses over the last 7 days.
Analyst Remains Optimistic on Dogecoin (DOGE) Price
Crypto analyst Ali Martinez actually highlighted a potential scenario where the price of Dogecoin could rise sharply. Martinez identified a fractal pattern indicating that DOGE may experience a significant increase if the pattern proves accurate.
After a three-year consolidation period (2022-2024), Dogecoin appears poised for a breakout. Martinez speculated that a successful breakout could potentially increase the price value of Dogecoin (DOGE) by more than 5,000%, reaching a new all-time high of around $12.
Even though the DOGE price is currently experiencing a decline, the breakout pattern is still identified. Bearish pressure could indeed force this memecoin to lose some of its gains. However, Martinez still believes that Dogecoin is still an attractive investment.
Martinez drew parallels with Dogecoin's previous performance, where its price jumped from $0.002 to $0.70 after ending its consolidation phase in 2021. Furthermore, Martinez warned his followers against a new memecoin that emerged in March and attracted a lot of investor attention.
Check Today's Crypto Market:
The price of Dogecoin (DOGE) is still dominated by bears
The sellers (bears) seem to be in control of Dogecoin's current price movements. As a result, the price of Dogecoin (DOGE) fell nearly 10% on April 3 from that day's high of around $0.188. The long upper wick on the daily price candle highlights the bearish pressure faced by DOGE buyers (bulls).
Bulls failed to defend the dynamic resistance of 20-day EMA (red wave line). If profit taking (profit booking) increases, the DOGE price is at risk of falling to the support level around $0.156.
Additionally, if the nearby support level is broken, Dogecoin price may test the 0.236 Fib retracement support level around $0.136 before recovering again.
On the other hand, speculation and hype can return at any time. Thus, DOGE bulls are likely to push the price towards resistance near $0.19. A move above the $0.19 price level could increase confidence in this memecoin rally, allowing Dogecoin price to potentially reach the 0.786 Fib retracement resistance around $0.22.
The Relative Strength Index (RSI) indicator for Dogecoin (DOGE) is currently neutral, with a score of 49.92 on the daily chart. This indicates that there are no clear signs regarding the direction of the next price movement.
Dogecoin Price DOGE/IDR Today
Source: Bittime.com
On April 4 2024, the price of Dogecoin DOGE/IDR was at IDR 2,792 per coin, down 6.49% in the last 24 hours.
Also Read How To Buy Crypto:
Conclusion
The future of Dogecoin is still shrouded in uncertainty. The selling pressure that dominates the market currently makes DOGE prices plummet. However, analysts remain optimistic about the potential for Dogecoin (DOGE) to skyrocket again in the future, supported by the identified fractal pattern.
As an investor, it is important to always carry out fundamental research and analysis before making investment decisions, including high-risk crypto assets such as memecoin .
Check Crypto Prices Today:
How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR . To be able to buy DOGE/IDR on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime.
Monitor the price chart movements of Dogecoin (DOGE) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Lucky Boo (BOO): Solana Memecoin Launched Following BONK and PEPE
Shiba Inu (SHIB) Burning Record: More Than 15 Billion Coins Burned Last March!
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.