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Forget $1, Dogecoin (DOGE) Price Can Drop to 8 Cents Before Resuming Bull Run
Despite a strong meme coin rally in the market, Dogecoin (DOGE) has been trailing in absolute return when compared to other peers in the sector. The Dogecoin price continues to hover around $.12 making it a boring trade in comparison to other meme coins like Dogwifhat (WIF) and PEPE Coin. Crypto analyst Kaleo predicts that before Dogecoin resumes the bull run, it can see a 30% retracement from the current levels.
When Will the Dogecoin (DOGE) Price Hit $1?
Popular crypto trader Crypto Kaleo explains that for a huge part of its existence of 10.5 years, Dogecoin has continued to trade sideways or downwards. He notes that for ~9.5 years, the DOGE price has moved sideways, however, only for a year it has experienced a strong rally.
Since its last all-time high levels, the duration for which Dogecoin has moved sideways is similar to the previous sideways ranges before finally breaking out.
During the previous two bull runs, the Dogecoin price consolidated for a strong 8-9 months after the Bitcoin halving event before it finally began to rally. We are just two months following the recent halving event. Thus, considering the historical trend, it is very likely that we won’t see any major price breakout in Dogecoin until December 2024 or February 2025.
Also Read: Will DOGE Reclaim $0.15 Before June End?
DOGE Can See 30% Retracement
For the short term, the Dogecoin prospects don’t look exciting. Kaleo predicts a potential retracement for Dogecoin suggesting that the price could drop to 8-10 cents, reversing all the gains from early February.
Back in August 2020, Dogecoin price witnessed a similar 30% retracement which occurred before Dogecoin resumed the mega bull rally to 75 cents. Kaleo said that the Dogecoin community is overeager about DOGE catching up with other meme coins without considering previous cycles. Despite this, he remains confident in a meme coin supercycle, anticipating DOGE will eventually reach $1 to $2. The Dogecoin whale activity has recently raised hopes of a rally ahead. However, the Dogecoin price should first cross the resistance of $0.15 to resume the uptrend.
For those of you who say DOGE is boring – for the most part, you’re right.
It’s spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.
The… pic.twitter.com/523tqCMBdC
— K A L E O (@CryptoKaleo) June 25, 2024
The industry has pinned up major hopes on Elon Musk to bring Dogecoin payments to the X platform. Although Musk has been a big fan of Dogecoin, he hasn’t spoken about this considering the regulatory challenges in place. Analysts are expecting greater regulatory post the 2024 US elections. May be things will get clearer by then.
Also Read: What’s Coming in 2024 US Elections?
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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