Dogecoin Price Prediction as Meme Coins Retrace From Recent Rally – When is the Next Leg Up?
Crypto’s favourite memecoin, Dogecoin (DOGE), is dipping today amidst a broad pullback led by altcoins.
DOGE shed 4.9% of its value overnight to trade at $0.83404 at the time of writing, according to CoinGecko. Its price is only nominally higher than it was seven days ago.
On the other hand, market leaders Bitcoin and Ethereum posted overnight pullbacks of 1.9% and 0.4%.
In general, altcoins lost the most in the last 24 hours. Among the top 10 cryptocurrencies by market capitalization, Solana (SOL), Cardano (ADA) and Avalanche (AVAX) all dipped more than 6%.
Leading memecoins also suffered steep pullbacks. DOGE and Shiba Inu both appeared more resilient than their rivals, with their overnight price depreciations being lower than 4%.
Other memecoins were not so lucky, including BONK, which dropped 11.2% to $0.00001144, PEPE shed 7.6% to hit $0.051117, Dogwifhat (WIF) crashed 12.4% to $0.3395, and FLOKI fell 8.2% to $0.00003233.
A glance at DOGE’s chart reveals that its Relative Strength Index (RSI) is approaching thirty, which indicates heavy selling that is likely to cool off.
Over the last three months DOGE has found solid support at $0.75 and with this current dip coming close to being oversold, it’s not likely that it will bottom out any lower.
However, DOGE fans might find some trouble getting back to $1 again. Despite being a memecoin, Dogecoin is its own blockchain too. The coin’s loyal community has helped it become one of the biggest cryptocurrencies in the world, but its recent omission, alongside Bitcoin, from Coinbase’s payments protocol Coinbase Commerce is a glaring one.
Dogecoin used to be a number one altcoin contender, but coins like SOL, XRP, and ADA have dethroned it thanks to their perceived higher utility.
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