What’s Next for Meme Coin?

TL;DR

Dogecoin (DOGE) has fallen to around $0.14, down 12% in a week, but some analysts expect a potential price rally based on technical patterns. Market analysis shows that DOGE has strong support at $0.115 and resistance at $0.16, with an RSI of 48 indicating that it is neither overbought nor oversold. Where is DOGE headed?

The largest meme coin by market cap, Dogecoin (DOGE), has been hit hard by the recent market crash. Its price fell to about $0.14, representing a 12% drop on a seven-day scale.

Price DOGE, Source: CoinGecko

Despite the downtrend, many X users are expecting explosive new moves from DOGE. An example is CryptoJack, which predicts a substantial increase once the asset’s price breaks out of a certain downward pattern. He forecast a 55% rise to $0.22, promising to enter a long position.

Trader Tardigrade also speculated, stating that DOGE has been following a specific bullish parallel channel that could cause the price to rise above $12. The trader paid particular attention to the $1.40 resistance level, which could be reached next year.

Market intelligence platform IntoTheBlock recently suggested that the meme coin is positioned “above a significant support level on the chain.” The entity estimated that 45 million assets accumulated at an average price of $0.115, “indicating an area of ​​strong demand that could prove important if the market shows weakness.”

“On the upside, DOGE may face resistance around the $0.16 level, where 20 billion DOGE are currently holding losses,” IntoTheBlock added.

Previous predictions and chain metrics

Altcoin Sherpa and KALEO are also among those who recently predicted a bright future for DOGE. The former expects the meme currency to “do something stupid later this year, and there’s nothing you can do about it.” The analyst stated that dealing him is one of the “safest trades” during the next bull cycle.

KALEO went even further, surmising that DOGE could outperform Bitcoin (BTC) due to the assumption that the industry is in a “meme supercycle”.

An essential indicator in the chain that indicates a resurgence in the asset is the Relative Strength Index (RSI). This technical analysis tool determines whether the cryptocurrency is overbought or oversold. It ranges from 0 to 100, and a ratio above 70 suggests a selling opportunity. The RSI currently stands at 48 and has not broken above that level since May 21st.

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