Dogecoin price has displayed a decent gain on a wider time frame. It surged by 366% from October to the first week of December.
However, buyers were exhausted in the first week of December and are booking profits. Amid this sell-off, the Dogecoin price has dived by 32%.
The price was rising by taking support on the trendline but buyers were weak and failed to continue. The price slipped below the trendline and displayed a continuous fall.
This is the strongest meme coin in terms of market value. Analysts are anticipating another bull run after the dip on a wider time frame.
One More Bull Run About to Start in Dogecoin?
Trader Tradigrade is a crypto analyst who has shared his analysis about DOGE crypto on X. He displayed the DOGE chart and commented that the Dogecoin price is rising in a pattern.
Based on this pattern, the Dogecoin price could experience another bull run.
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He claims that the price has completed a three-year accumulation phase and has departed from this phase. On the weekly time frame, the price witnessed a mild dip and is ready to shoot up soon.
Could DOGE Price Melt to 200-day EMA or New ATH?
When writing, Dogecoin crypto was trading at $0.315, down by 5.32% over the past 24 hours. The market capitalization was $46.58 Billion and the 24-hour trading volume was $2.54 Billion.
Based on the technical chart, the price was defending the support level of $0.300. After a pause in its bearish momentum, the price has lost around 6% intraday. This selling pressure could bring a panic situation among buyers.
Once the DOGE price starts trading below the $0.300 mark, strong selling pressure can be anticipated. The price is expected to reach the 200-day EMA because there is no support zone between $0.300 and 200-day EMA.
If the price slips below the 200-day EMA, it might be tough for buyers to bounce back. Conversely, if the price defends the support level of $0.300, it could be a bullish signal.
Buyers might show interest once the price exceeds the 20-day EMA. If the price sustains over the 20-day EMA, a strong bullish rally can be observed and the price may record a new ATH.
Dogecoin Price Analysis Based on Chart and Experts’ Views
Dogecoin has experienced a significant decline over the past few days, dropping about 23% after a period of substantial gains. The price is hovering around the critical support level of $0.300, and its ability to maintain this level will be crucial.
Analysts suggest that despite the short-term bearish pressure, a bullish comeback is likely if the price sustains above key resistance levels, particularly the 20-day EMA.
A successful defense of the $0.300 mark could pave the way for another upward trend, possibly leading to new all-time highs.
However, a slip below this level might trigger further selling and challenge the recovery. Investors should closely monitor these developments for the best strategy moving forward.
