Dogecoin Price Prediction as Hopes for $1 Linger – Is a Bull Market on the Horizon for DOGE?
The price of Dogecoin (DOGE) has dropped today as the cryptocurrency market continues to weather poor conditions, with the meme token falling by 2% in the past 24 hours.
At $0.060220, DOGE is also down by 6% in a week and by 5% in a month, with the original meme coin having fallen by 14% since the beginning of the year.
This fall since January contrasts strongly with many other major tokens (e.g. BTC, ETH, XRP), with DOGE looking like it's suffering a long-term decline.
However, the Dogecoin community still hoping that X (formerly Twitter) will eventually introduce cryptocurrency payments, DOGE could witness a big comeback eventually.
DOGE's chart looks fairly grim at the moment, and it has looked this way for well over a month now, with its indicators showing no immediate signs of recovery.
Its relative strength index (purple) has remained below 50 since the middle of August, and has actually been below 40 and close to 30 for much of this time, indicating some serious overselling.
Reinforcing this concerning picture is the fact that DOGE's 30-day EMA (yellow) has been comfortably below its 200-day average (blue) for much of the year, something which again suggests it's in the middle of a drawn out process of decline.
It also looks bad as far as the coin's support level (green), which has been sliding since the middle of August and could easily continue sliding for the foreseeable future.
The problem with DOGE is that, caught in the middle of an ongoing bear market, there is nothing fundamental holding it up and protecting it from ongoing falls.
It's hard to remember when Dogecoin saw its last significant piece of news or update, with the coin almost exclusively waiting for Elon Musk to tweet some inane reference to meme token in
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