DOGE has experienced a 9% decline in the past 30 days alone as market sentiment failed to improve after the Federal Reserve’s latest rate cut. Meanwhile, the latest price action favors a bearish Dogecoin price prediction after a break below a key support.
Dogecoin is currently the worst-performing token in the top 10 this year with losses exceeding 58% as the market has flew out of meme coins and into higher quality tokens like Bitcoin (BTC) and XRP (XRP) during the year.
This capital rotation has impacted other top tokens in this category even more dramatically as Pepe ($PEPE) and and Bonk ($BONK) have taken even higher losses of 80% and 74% respectively.
Meanwhile, trading volumes in the past 24 hours have jumped by 19% to more than $1 billion, currently account for over 4% of the token’s circulating market cap as DOGE drops by 1%.
Crypto trader Alan Tardigrade believes that Dogecoin could continue to drop if a rising wedge pattern is confirmed.
This is a bearish price action setup that anticipates the continuation of the current trend, which is bearish. In Dogecoin’s case, it could push the token to $0.12 next, meaning an 8.3% downside risk.
Looking at the daily chart, DOGE just lost the key $0.14 horizontal support and seems headed to retest that mark from below.
The price continues to trade within a tight descending channel that has been forming since early October.
The chart shows a potential bullish scenario that could unfold if Dogecoin stays above $0.13 and recaptures the $0.14 area somehow. As Tardigrade emphasized, this would invalidate the token’s bearish outlook.
However, Dogecoin would still have to climb above $0.16 to fully reverse its downtrend and progressively recover its lost territory.
In the mean time, although meme coins have had a rough year, top crypto presales in this space like Maxi Doge ($MAXI) have captivated investors. This project has attracted over $4 million to launch a community-centered token for traders.
Risk-taking ‘degens’ needed a token that rallies them together and that’s exactly the void that Maxi Doge ($MAXI) has come to fill.
This Ethereum meme coin is building up a community of like-minded traders who know that YOLO trades are their only way out of mom’s basement.
Token holders can participate in fun competitions like Maxi Ripped and Maxi Gains where top producers will earn attractive rewards and bragging rights.
Moreover, they can actively engage with other community members through an exclusive forum through which they can exchange ideas, setups, and insights to navigate today’s challenging market conditions.
To buy $MAXI and join the pump, simply head to the official Maxi Doge website and connect a wallet (e.g. Best Wallet).
You can either swap USDT or ETH for this token or use a bank card to complete your purchase.
