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Machine Learning Algorithm Predicts Dogecoin Price For May 2024

As April comes to a bearish close, expectations for Dogecoin in May are not exactly bullish, especially as the crypto market has continued to fall. DOGE has been one of the main losers during this time, falling below $0.14. This underperformance is expected to continue as the machine learning algorithm at CoinCodex predicts further decline for the meme coin.

Algorithm Predicts Another 13% Decline

Despite the Dogecoin price already suffering a notable 14% decline in the last week, the machine learning algorithm believes it will fall another 13% in the month of May. The machine learning algorithm, which takes a number of metrics into consideration, presented that the DOGE price remains very bearish despite the market still sitting in greed.

For the month of May, the algorithm expects the meme coin’s price to decline by a total of 13.66% from here, falling below $0.13 to $0.1238. Even on the shorter term, the Dogecoin price remains bearish with an expected 1% decline to $0.14 in the next five days.

On the broader timeframe, expectations for the meme coin are not high as the machine learning algorithm does not expect the cryptocurrency to reach a new all-time high until 2029. For the year 2025, it gives the meme coin a yearly high of over $0.66, which is less than its current all-time high price of $0.7.

The next two years after this are expected to be bearish as the price is predicted to fluctuate around $0.126 and $0.25. Then, a new all-time high price of $1.4 is expected. If this plays out, then it would mean that Dogecoin investors would have to wait another five years to see new peaks.

Dogecoin Metrics Tell A Different Story

While the machine learning algorithm remains bearish, the Dogecoin metrics have been painting a picture of bullishness. For example, there has been a steady increase in the Dogecoin trading volume, rising 28% in the last day alone. This suggests a return of investor interest and if it translates into demand, it could see the price rise rapidly from here.

There has also been an accumulation trend for the meme coin, especially among whales. One whale, in particular, withdrew 226 million DOGE from the Robinhood exchange in two transactions. Usually, when investors move coins from exchanges to private wallets, it means they are accumulating for better prices. This could signal a turn in the tide.

However, at the time of writing, the Dogecoin price is still struggling at $0.135, with a 4% drop in the last 24 hours. A reversal from here could see DOGE retest the $0.15 resistance. But a breakdown could send it back toward $0.12.

Dogecoin price chart from Tradingview.com

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Alarm Bells Ring For Dogecoin: Bearish Signal Points To 40% Crash

Crypto analyst Josh Olszewicz is once again warning of a looming Dogecoin price crash. The analysis hinges on the Ichimoku Cloud, a comprehensive indicator that provides information on support/resistance levels, momentum, and trend direction. Olszewicz’s analysis points to two specific technical phenomena on the 1-day (1D) chart of DOGE against the US dollar (DOGE/USD). Via X, he remarked “1D DOGE: bearish TK cross + bearish Kumo breakout.

Bearish Signals For Dogecoin

The bearish TK cross refers to the bearish crossover between the Tenkan-Sen (conversion line) and the Kijun-Sen (baseline) within the Ichimoku Cloud system.

Dogecoin price analysis

The Tenkan-Sen, which is a faster-moving line typically calculated as the midpoint of the highest high and lowest low over the last nine periods, crossing below the Kijun-Sen, a slower line computed as the midpoint of the highest high and the lowest low over the past 26 periods, is considered a bearish signal.

It suggests that short-term prices are falling below the base level of prices over the last month, indicating potential further downward movement.

The Bearish Kumo breakout: The ‘Kumo’, which translates to ‘cloud’, is part of the Ichimoku Cloud indicator and is formed between two other lines: the Senkou Span A and the Senkou Span B. It represents a key area on the chart that can act as support or resistance.

In the context of Olszewicz’s analysis, a ‘bearish Kumo breakout’ implies that the price has broken through the cloud downwards. This breakout is seen as a confirmation of a bearish trend. The fact that the price is below the Kumo suggests that the overall market sentiment for DOGE is negative, with the Kumo now likely acting as resistance to any upward price movement.

The chart by Olszewicz shows DOGE trading at $0.15 with the cloud plotted behind the price action, appearing green above and red below the price lines. The cloud turning green represents a bullish future potential, but the price below both the cloud and the Tenkan-Sen/Kijun-Sen crossover indicates bearish current circumstances.

A 40% Price Crash Looming?

This gives weight to Olszewicz previous DOGE price analysis. As NewsBTC reported, the crypto analyst warned of a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart which could be validated soon.

The formation is characterized by two shoulders flanking a distinctive head, with the neckline at approximately $0.14 being pivotal. Should Dogecoin’s price break below this critical support, the prophecy of the H&S pattern would likely manifest, potentially triggering a sell-off towards the $0.10 to $0.09 region.

This target area aligns with the 1.618 and 2.0 Fibonacci extension levels, suggesting a price crash of around 40% from the neckline. While the pattern has not yet been confirmed, with the price still above the crucial $0.14 support level, its presence serves as a cautionary signal to the market.

The technical confluence of the bearish TK cross and the bearish Kumo breakout in Olszewicz’s recent analysis only reinforces the possible bearish scenario that lies ahead for Dogecoin. Market participants are recommended to keep a close watch on the $0.14 level, as a decisive break below could validate the bearish outlook and set the stage for the anticipated decline.

At press time, DOGE traded at $0.1413.

Dogecoin price

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Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges

Recent on-chain data has shown a transfer of 456 million DOGE tokens into crypto exchange Coinbase amidst a flurry of Dogecoin whale transactions across various exchanges in the past 24 hours. The price of DOGE has majorly traded below the $0.165 price level in the past seven days despite the price uptick among other meme coins. These recent events of whale transfers, however, appear to be leading to a bearish view towards DOGE. Transfers of this nature into a crypto exchange point to the whales getting ready to sell off their bags, which risks crashing the DOGE price. 

Whales Move 456 Million DOGE To Crypto Exchange

Whale Alerts, a crypto whale transaction tracker, has shown various instances of whale transactions in recent hours. Amidst these transactions is the transfer of 456.83 million DOGE tokens worth $68.7 million into popular crypto exchange Coinbase. Interestingly, the transfer of DOGE was made to Coinbase in two bouts of 228 million DOGE, each worth over $34 million.

Related Reading: Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000

However, considering these transactions were sent in quick succession, the nature of their movement points to them being controlled by the same whale entity. 

A further look into the two whale addresses involved, “DFBx6m” and “DCTpBb”, showed that they no longer hold any tokens at the time of writing. This lends additional credibility to the idea that the transfers were made with the intention of selling off tokens.

Notably, on-chain data shows that both addresses have been holding their DOGE tokens since last year, considering the last inflow of DOGE occurred on November 1, 2023. During this time, the price of Dogecoin was trading around $0.068. It is worth noting that DOGE has gone on an over 120% price increase since then, putting the holdings at a significant profit.

What’s Next For Dogecoin?

At the time of writing, DOGE is trading at $0.1511. The crypto is now on a correction path after failing to substantially break above $0.164 in the past week. The recent movement of nearly half a billion Dogecoin suggests major price volatility could be on the horizon. Furthermore, the recent DOGE rally seems to have stalled out as other altcoins and meme coins gain momentum.

While DOGE is currently down by 0.64% in the past seven days, Shiba Inu, PEPE, Dogwifhat, and FLOKI are up by 13.8%, 47.5%, and 32.5% in the same timeframe. 

The future of DOGE can be hard to predict. As with any meme coin, Dogecoin remains highly speculative. Its price continues to be volatile and heavily influenced by hype and social media. According to a crypto analyst, DOGE could continue to drop in the short term. Other analysts are bullish on DOGE, with analyst Ali Martinez even predicting a rally to the $1 price mark. 

Dogecoin price chart from Tradingview.com

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Why Is The Dogecoin Price Down Today?

Dogecoin (DOGE), the foremost meme coin, is down over 6% in the last 24 hours according to data from CoinMarketCap. This downtrend can be attributed to the price movement of the flagship crypto, Bitcoin. 

Dogecoin Drops Alongside Bitcoin

Dogecoin’s price also experienced a sharp decline as the flagship crypto dropped from over $66,000 to below $64,000 in the last 24 hours. Altcoins like DOGE are known to experience a similar downtrend whenever Bitcoin’s price records a correction like the way it has done. Generally, the global crypto market is down over 4%, thanks to this occurrence. 

Several factors are believed to have contributed to Bitcoin’s recent decline (and, by extension, Dogecoin and other altcoins). One is the upcoming release of the Personal Consumption Expenditures (PCE) inflation data on April 26. Despite estimates from the Cleveland Fed, predicting that the PCE data will show that inflation has slowed, crypto investors are still wary, given that the March Consumer Price Index (CPI) data didn’t show any disinflationary progress. 

Crypto investors are also still apprehensive about the conflict in the Middle East. Although tensions between Israel and Iran seem to have subsided, there is still the belief that things could quickly get heated again. The impact this geopolitical conflict has on the crypto market has become evident, and investors want to avoid getting burned again. 

Meanwhile, the Spot Bitcoin ETFs, which now significantly impact the crypto market, have seen their inflows slow this month. The demand for these investment funds has drastically dropped, contributing to the unimpressive price action among crypto tokens like Dogecoin, given the amount of liquidity they brought into the market at their peak. 

Interestingly, the world’s largest asset manager, BlackRock, recorded zero daily inflows into its iShares Bitcoin Trust (IBIT) for the first time on April 24, further underscoring how bad things have become. 

DOGE Still Expected To Experience Further Price Declines

Based on crypto analyst CrediBULL Crypto’s recent analysis, the foremost meme coin is still expected to experience further price declines even when the crypto market picks up again. The analyst mentioned that the crypto market is getting to the point where liquidity in memes like Dogecoin and other altcoins will get sucked by Bitcoin as it makes its move to $100,000. 

The crypto analyst predicts that Dogecoin could drop to as low as $0.5 when this happens, suggesting there wouldn’t be enough liquidity for the meme coin to maintain any uptrend. However, crypto analyst Kevin (formerly OG Yomi) offered a different opinion, noting that nothing on the monthly time frame suggests Dogecoin will drop to as low as $0.5.

Dogecoin price chart from Tradingview.com

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Head And Shoulders Alert: Dogecoin Could See A Price Crash Soon

Crypto analysts are sounding the alarm on Dogecoin as a classic chart pattern, known for predicting bearish trends, has emerged. Technical analyst Josh Olszewicz, @CarpeNoctom, flagged a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart on X, hinting at a possible significant price drop if the pattern validates.

The H&S pattern is a technical indicator traditionally viewed as a bearish signal within the trading community. The pattern is composed of three peaks, with the central peak (the head) being the highest and the two outside peaks (the shoulders) being lower and approximately equal in height. The line connecting the lowest points of the two troughs (the neckline) can be horizontal or sloped and represents a critical support level.

Dogecoin Must Hold $0.14

In the case of Dogecoin’s 12-hour chart, the price has completed the left shoulder and the head, with the right shoulder currently forming. The neckline of this H&S pattern is identified at approximately $0.14, as annotated by Olszewicz. This level is crucial; a decisive break below could confirm the bearish forecast suggested by the H&S formation.

Dogecoin head & shoulder pattern, 12-hour chart

Another technical detail present on the chart is the Fibonacci retracement levels, which are horizontal lines indicating where support and resistance are likely to occur. They are based on Fibonacci numbers, a sequence famous in mathematics and nature for its proportionality.

Here, the 0.5 Fibonacci level aligns with the left shoulder around $0.18, while the 0 level coincides with the peak at approximately $0.23. These levels are key to determining the potential support and resistance areas in the market.

Olszewicz has also highlighted a projected target area based on the H&S pattern’s typical behavior. This bearish target is identified using the height of the pattern from the head’s peak to the neckline, projected downward from the point of the neckline break. The target box, marked in green, shows a potential decline to $0.10 to $0.09, coinciding with the 1.618 and 2.0 Fibonacci extension levels. A fall to this level could lead to a price crash of 40%.

The importance of the H&S pattern lies in its reliability as a trend reversal signal. It validates when the price breaks below the neckline following the formation of the right shoulder. For traders and investors alike, this pattern serves as a cautionary tale to brace for potential downside risks.

As of the latest chart by Olszewicz, the neckline has not been breached, and the pattern has yet to be confirmed. It is critical for observers to watch the $0.14 level closely, as a break below it would likely activate a sell-off, fulfilling the H&S prophecy. However, until such a break occurs, the pattern remains a watchful indicator rather than a confirmed trend reversal.

In summary, Dogecoin’s price chart is showing signs that could concern bullish investors. If history is any guide, the emerging H&S pattern, closely watched by analysts like Olszewicz, suggests a possible downward move in Dogecoin’s value in the near future. However, only a decisive break below the neckline will validate this pattern, turning a watchful eye into a bearish outlook.

At press time, DOGE traded at $0.1509.

Dogecoin price

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Hedge Funds Fall For The Memecoin Frenzy: “Mind-Boggling” Returns Tempt Financial Giants

In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market.

Memecoin Mania

One example of the appeal of memecoins to traditional finance institutions is Newport Beach-based Stratos, which launched a liquid fund with the Dogwifhat token in December. 

The Solana-based memecoin Dogwifhat, known for its mascot – a beanie-wearing dog – became a major player in the crypto world, with its price increasing more than 300 times. 

This substantial spike reportedly helped Stratos achieve a staggering 137% return in the first quarter of 2024, outperforming gains in the broader crypto market. However, Dogwifhat has since retraced more than 35% from its March 31 all-time high (ATH) of $4.83 and is currently trading at $3.09.

Interestingly, Stratos is not alone in venturing into memecoins; other hedge funds are also doing so. 

Asset manager Brevan Howard, for instance, has reportedly made a “tiny” investment in memecoins. Pantera Capital, a crypto fund, recently emphasized the staying power of memecoins and the “enormous” trading opportunities they present. 

Is It Just Gambling?

Despite the enthusiasm from some hedge funds, the report notes that many crypto participants remain skeptical of memecoins. 

Quinn Thompson, the founder of Lekker Capital, a hedge fund experimenting with trading memecoins, likened the current frenzy to the speculative fervor seen in traditional markets with stocks like GameStop. 

In addition, Thompson described memecoins as the “tip of the spear for speculation” and emphasized the “gambling-like” nature of their trading.

Still, Cosmo Jiang, a portfolio manager at Pantera Capital, noted the evolution of memecoins beyond mere jokes, calling some “culture coins” that symbolize membership in a particular group or belief system. 

The report notes that the ease of creating and launching memecoins has increased with the availability of apps like Pump.fun, which allow users to mint coins in minutes. Blockchains like Solana and Coinbase’s Base, which offer low trading fees, have been flooded with these tokens. 

In light of these developments, Josh de Vos, research lead at CCData, highlighted the improved infrastructure supporting memecoins, including increased liquidity and the development of advanced futures markets on centralized exchanges (CEX). 

As more hedge funds take memecoins seriously, Rennick Palley of Stratos anticipates a growing focus on these crypto assets. 

Drawing parallels to the initial skepticism surrounding cryptocurrencies, Palley suggests that meme-only funds may emerge, mirroring the creation of non-fungible token (NFT) funds.

To further demonstrate the interest and adoption of these emerging tokens, in the first quarter of 2024, memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study conducted by CoinGecko.

Memecoin

Currently, the largest memecoin on the market, Dogecoin (DOGE), is trading at $0.1616, up 5% in the last seven days. It has a market cap of $23 billion. 

Featured image from Shutterstock, chart from TradingView.com

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Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target

Dogecoin (DOGE), the popular meme-based cryptocurrency, has demonstrated its resilience in the market with a 2.5% price increase over the past 24 hours, reaching a trading price of $0.1607. 

Analysts, including Altcoin Sherpa and Ali Martinez, have recently shared optimistic predictions for DOGE’s future, suggesting further gains and potential for outperformance compared to other tokens.

A Strong Future For Dogecoin In 2024? 

Over the past months, DOGE has closely followed Bitcoin’s price action, experiencing ups and downs in tandem with the market leader. 

On March 28, DOGE reached its yearly high of $0.2292, solidifying its position as the 9th largest cryptocurrency with nearly 100% year-to-date growth. Despite the volatility, DOGE has demonstrated its ability to rebound and attract investor attention.

Market expert Altcoin Sherpa recently expressed optimism about DOGE’s future, stating that the coin is poised for strength in 2024. 

Altcoin Sherpa recommended averaging between $0.12 and $0.14, emphasizing DOGE’s potential to outperform other tokens.

The analyst highlighted DOGE’s previous consolidation phase, lasting almost two years, and suggested that it is primed for a significant price surge in the future. Sherpa stated:

DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later. 

700% Price Uptrend Toward $1

On the other hand, crypto analyst Ali Martinez has also shared a bullish prediction for DOGE, noting the coin’s recurring price patterns. 

Martinez pointed out that DOGE consolidates after breaking out of a descending triangle formation. Based on historical trends, the analyst believes that DOGE has the potential to rally towards $1 in the coming weeks, which would represent a staggering 700% uptrend in price from current levels, surpassing the cryptocurrency’s current all-time high of $0.7316, reached in May 2021. 

Dogecoin

Despite Martinez’s optimistic outlook, Dogecoin faces several resistance levels that have impeded its recovery after a 21% price decline in the past two weeks.

The meme coin encounters a significant obstacle at the $0.1633 price level, as depicted in the DOGE/USD daily chart above. This level has acted as a barrier for the past 10 days, hindering further upward movement.

In its journey towards the $0.200 mark, DOGE may encounter additional hurdles at $0.1739, $0.1938, and $0.1998. These resistance levels must be overcome before the cryptocurrency can potentially retest its all-time high.

It is important to note that Bitcoin’s performance will likely influence Dogecoin’s price movement in the coming weeks. In addition, Dogecoin’s overall trajectory through the end of 2024 remains uncertain as it depends on the potential for a bullish breakout and various market factors.

Featured image from Shutterstock, chart from TradingView.com 

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Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks

An analyst has explained how a pattern forming in the Dogecoin price may suggest a rally to $1, if historical trend repeats this time as well.

Dogecoin 1-Week Price Appears To Be Forming A Classic Pattern

In a new post on X, analyst Ali has discussed how DOGE seems to have been showing a classic pattern in its weekly price once again. This trend involves a technical analysis (TA) pattern called the “Descending Triangle,” which, as its name suggests, is shaped like a triangle.

The pattern involves two trendlines between which the price of the asset consolidates; one of these is a line slopped downwards while the other is parallel to the time-axis. This property of the price converging downwards as it goes through the pattern is why it has descending in its name.

Like other TA consolidation patterns, the upper line of the Descending Triangle also provides resistance to the commodity, making tops more probable to form at it. Similarly, the lower line acts as a point of support and can help the price reverse back upwards.

A break out of either of these lines may result in a continuation of the trend in that direction. This means that a break above the triangle can be a bullish signal, while one below could suggest the dominance of bearish momentum.

Similar to the Descending Triangle, there is also an Ascending Triangle in TA, which works much like it, except for the fact that the parallel axis makes the upper line, connecting together tops, while the lower line ascends up as it joins higher lows.

Now, here is the chart shared by Ali that highlights a pattern that DOGE’s 7-day price has been forming recently:

Dogecoin Descending Triangle

From the graph, it’s visible that the Dogecoin 1-week price had been trading inside a long Descending Triangle between 2021 and this year, but the meme coin found a break earlier and has since registered some notable uplift.

Recently, though, the cryptocurrency has reached a stage of sideways movement. This, however, may not entirely be a bad thing, as DOGE has also seen a similar trend of a Descending Triangle break followed by consolidation in the past as well.

As is visible in the chart, the previous two such formations led to Dogecoin witnessing some very significant growth. As such, the latest one may also prove to be bullish, if this historical pattern continues to hold.

“Based on past trends, we might just see DOGE rocket towards $1 in the coming weeks!” explains Ali. From the current spot price, such a potential rally would mean a growth of a whopping 525% for the coin.

DOGE Price

Dogecoin’s price action has been quite stale since the price plunge earlier in the month, as the asset’s price is still trading around $0.16.

Dogecoin Price Chart

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Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week. According to Yomi, DOGE is on the verge of creating a golden cross on its price chart, an event that could indicate the continuation of a major bull run. He noted the need for a green candle this week in order to start a new rally, which could be tough considering recent on-chain metrics and market fundamentals. 

Dogecoin Flashing Weekly Golden Cross

The weekly chart for Dogecoin is flashing a golden cross, a bullish signal that occurs when the 50-week moving average crosses above the 200-week moving average. According to a weekly price chart shared by Yomi, this weekly cross looked almost completed just two weeks ago, as a price surge for DOGE in the past two months saw the short-term moving average approaching the longer one. 

However, trader sentiment around DOGE has turned bearish since the beginning of April as the bulls struggled to push the crypto past the $0.22 mark, allowing it to form a price resistance level. Consequently, DOGE has gone on to form two weeks of bearish candles, which has derailed the completion of a golden cross. 

Yomi observed that the formation of this bullish indicator has been pushed forward to multiple weeks of upward price movement. Furthermore, Yomi said all that’s needed is for DOGE to close higher than its open price this week and form a green candle to confirm the breakout and get back on track to a golden cross. 

DOGE To Turn Bullish?

Dogecoin dropped by an astounding margin last week to spearhead the crash in the majority of meme coins. Interestingly, the crypto fell to as low as $0.13 in the middle of the week, representing a 33% decline from its opening price at the start of the week. During the price fall, crypto whale transaction tracker Whale Alerts noted the transfer of 600 million DOGE tokens worth $92.3 million from a private wallet into Binance, hinting at a potential sell-off from a DOGE whale.

However, all is not lost as Dogecoin price action has been showing green in the past day. At the time of writing, DOGE is trading at $0.1669, up by 5% in the past 24 hours. If DOGE can close substantially above its weekly open of $0.1624, that would confirm the continuation of the journey to a golden cross and likely kick off a new uptrend. 

Yomi noted in another post on social media that Doge will continue to tease a bullish price action in the longer term as long as it stays above $0.12 this week. 

Dogecoin price chart from Tradingview.com

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Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?

Dogecoin has been one of the best performers over the past year, consistently holding up gains even through market dumps. However, after the meme coin’s rally in March and then the subsequent dump in April, it looks like investors, especially whales, are finally getting ready to start taking profit. This is evidenced by a number of large DOGE transactions that were flagged going into exchanges over the last day.

Dogecoin Whales Move 800 Million DOGE To Exchanges

The movement of coins to centralized exchanges can be very bearish for the price of a cryptocurrency. This is because the move to centralized exchanges often points to a selling spree as investors look to take advantage of the deep liquidity that is provided by these exchange platforms. This reason is why the massive amounts of DOGE tokens being sent to centralized exchanges are concerning for the community.

Over the course of the last day, the on-chain whale tracking platform Whale Alert reported a number of large DOGE transactions that carried tokens to centralized exchanges. The largest of these transactions happened on April 14, when a single transaction was carrying 600 DOGE tokens to the Binance exchange.

At the time of the transaction, the total stash of tokens being transferred was worth around $92.3 million. However, with the DOGE price increasing since then, the value of the tokens contained in this transaction could be closer to $95 million at the time of this writing.

Hours later, after the first transaction, two other transactions followed, also carrying notable amounts of DOGE tokens. The second transaction, which carried 100 million DOGE tokens worth $15.28 million, headed for the Robinhood exchange.

The third transaction of the trio was also headed to the Robinhood exchange, carrying 99.25 million tokens worth $16.15 million. In total, approximately 800 million DOGE tokens to centralized exchanges, signaling a potential sell-off on the horizon.

Can DOGE Surge From Here?

Despite the bearish pressure that seems to categorize Dogecoin lately, the longer-term outlook for the meme coin has remained bullish, especially among crypto analysts. Crypto analyst Trader Tardigrade has continued to maintain a bullish stance on the meme coin, which he believes could pull a significant rally soon.

Tardigrade’s latest analysis of Dogecoin saw a bullish formation on the chart, which could lead to a 100% rally. The move, which the analyst expects to happen sometime in April following the Bitcoin Halving, is expected to see the DOGE price rise as high as $0.4 in the short term.

However, first, the meme coin’s price would have to break above $0.205, which has developed into significant resistance for the altcoin. But, as the crypto analyst explains, a break above this level would confirm the bullish breakout.

For now, Dogecoin is still struggling to break through this $0.205 resistance and has since been rejected from this level. It is currently sitting at $0.165, with a 5.51% increase on the last day and a 20% decrease on the last week, according to data from Coinmarketcap.

Dogecoin price chart from Tradingview.com

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The Era Of Flippenings: Can Dogecoin Take XRP’s Spot?

In the last few weeks, there has been uncertainty in the crypto market, but that has not stopped the likes of Dogecoin and XRP from making moves. One of the most notable developments, however, was the entry of Toncoin (TON) into the top 10 cryptocurrencies by market cap, and then dethroning Cardano (ADA). Following this, Dogecoin looks ready to carry out a flippening of its own, eyeing XRP’s spot on the list.

Dogecoin Gearing Up To Take Over XRP

Dogecoin has performed rather well at a time when the crypto market has remained indecisive. Even though there has been times when the price has dipped, it has managed to reclaim $0.2, although the majority of bearish resistance is being mounted at this junction.

Nevertheless, Dogecoin’s ability to hold most of its gains from March has seen its market cap increase rapidly. From less than $15 billion at the start of the year 2024, the meme coin’s market cap has now climbed above $28.6 billion, putting it dangerously close to the market cap of XRP.

At the time of writing, XRP’s market cap is sitting at $33.9 billion, spurred by the decline in its price over the last week. This means that the market cap of XRP is now only 15.6% higher than that of Dogecoin, a perilously small gap given how quickly prices of cryptocurrencies can rise.

In this case, if Dogecoin continues to perform well and XRP fails to keep up, it could easily lose the sixth spot on the list to DOGE. A 20% rise in the DOGE price to $0.24 would put its market cap above $34 billion, putting it ahead of XRP. And if XRP’s continues to fall, then the gap could tighten over the next week.

DOGE Price Projected To Explode

Dogecoin currently boasts one of the strongest crypto communities, and some would argue even stronger than the XRP army, as DOGE’s support base has strengthened due to its outperformance in the past. This support base and rapid adoption are two of the foremost factors that promise an interesting future for the meme coin.

There have been many predictions for where the future price of DOGE might be, with some going as high as $100. However, according to crypto Analyst Ali Martinez, Dogecoin could do quite well in this bull market. The analysis posted by Martinez reveals multiple price targets, with $12 at the top.

These targets, if they play out correctly, will see the DOGE market cap rise rapidly, and unless XRP pulls some equally bullish moves, it will soon be behind DOGE on the list of largest cryptocurrencies by market cap. But for now, both cryptocurrencies at maintaining their places with XRP in 6th position and Dogecoin in 8th position behind stablecoin USDC.

Dogecoin price chart from Tradingview.com (XRP)

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Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months

Crypto expert Ash Crypto has outlined his price predictions for several crypto tokens, including Bitcoin (BTC), Dogecoin (DOGE), and XRP, heading into this bull run. He also suggested that these price levels could be attained in the next 12 to 16 months. 

How High Will Bitcoin, Dogecoin, And XRP Rise?

Ash Crypto predicted in an X (formerly Twitter) that BTC would rise between $100,000 and $250,000 by 2025. This prediction aligns with those made by other notable crypto analysts. One of them is Skybridge Capital CEO Anthony Scaramucci, who predicted in January that Bitcoin would rise to $170,000 18 months after the Bitcoin Halving.

Bitcoin Dogecoin XRP

Meanwhile, some other crypto analysts will argue that Bitcoin hitting $100,000 could even happen this year rather than 2025. This includes Tom Dunleavy, the Chief Investment Officer (CIO) at MV Capital, who claims that Bitcoin will rise to $100,000 by the end of this year. Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, also predicted that Bitcoin would rise to as high as $150,000 this year. 

Regarding his price target for DOGE, Ash Crypto predicted that the meme coin would rise to $1 in the next 12 to 16 months. This prediction is also a common sentiment shared by several other crypto analysts and members of the crypto community. Specifically, crypto analyst DonAlt once mentioned that “it isn’t too unlikely for Dogecoin to go to $1,” while crypto analyst Altcoin Sherpa stated that DOGE could do “something silly like go to $1 this cycle eventually.”

Ash Crypto also shared his price target for XRP, stating that the crypto token could rise between $3 and $5. This price prediction, however, seems conservative, considering other predictions that crypto analysts have made for the XRP token. 

Crypto analyst CrediBULL Crypto recently mentioned that XRP could rise to as high as $20 in this market cycle. Meanwhile, Crypto analyst Egrag Crypto has repeatedly stated that XRP hitting $27 is possible.

Undervalued Altcoins Make The List

Crypto expert Michaël van de Poppe recently included Chainlink (LINK), Celestia (TIA), and Polkadot (DOT) in a list of ten crypto tokens he believes are undervalued. Interestingly, these three altcoins also made their way into Ash Crypto’s list of coins, for which he outlined price targets. 

For LINK, Ash Crypto predicted that the crypto token could rise to between $250 and $500 by next year. LINK’s rise to such levels would undoubtedly be massive, considering it currently trades at around $17. Ash Crypto also predicted a parabolic surge in TIA and DOT’s prices, as he believes they could rise to as high as $150 and $120, respectively. 

Dogecoin price chart from Tradingview.com (Bitcoin XRP)

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Dogecoin Finds A Bottom: How The 7-Year Cycle Can Send Price To $40

Dogecoin has had a rather interesting week, first rallying to cross $0.2, before correcting back downward and eventually losing support at $0.8. Nevertheless, there is still a lot of steam left in the cryptocurrency it seems, as crypto analysts have identified both a bottom and a 7-year cycle that could send its price as high as $40.

Dogecoin To Bottom Around $0.16

In an analysis posted on X (formerly Twitter), crypto analyst Trader Mayne posited that Dogecoin could find a bottom around $0.16. He explains that this is the level where bulls are mounting support, making it a critical point for the meme coin.

Now, if the bulls are able to hold this support level, it would mean that the DOGE price has eventually found its bottom. However, falling below this support level could be detrimental for the meme coin’s price, as Trader Mayne revealed, leading to an even larger correction from here.

On the flip side, if bulls are able to hold this support, then it could signal a continuation of the bullish trend. The crypto analyst reports that the RR (Risk Ratio) for longs has skewed positive. So, in this case, holding above the $0.16 support and eventually reclaiming the previous local peak just below $0.24, then “the party continues,” the analyst stated.

DOGE Price Headed To $40?

Trader Mayne is not the only crypto analyst who has shown bullishness toward Dogecoin in spite of the decline. Another analyst, identified as Tardigrade, also took to X to share a cycle trend in the DOGE price that they had uncovered.

The crypto analyst titled the trend the “Cycle of 7 years” which predicts a large move up to new all-time high levels for the meme coin. Tardigrade points to the performance of Dogecoin in the seven years leading up to the 2021 surge, a cycle that they believe is set to repeat again.

Given that seven years is a wide range, it means that in 2024, the DOGE price is still just halfway to completing it. From here, it would take another four years for the 7-year cycle to be completed, at the end of which Dogecoin is expected to see a massive surge.

The cycle ends in 2028 and by this time, the crypto analyst expects that the DOGE price will move above $2, then $9, and all the way to $40. They support this with the fact that the DOGE price moved from $0.0007 in 2017, and reached as high as $0.7 in 2021. Given this, the analyst advises crypto investors not to miss the Dogecoin move up.

Dogecoin price chart from Tradingview.com

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Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree

The Dogecoin (DOGE) price looks at risk of further declines as on-chain data show that the meme coin’s largest holders are securing profits. This follows DOGE’s recent price surge, which saw the crypto token rise to a new three-year high of $0.22. 

Dogecoin Witnesses Wave Of Profit-Taking

Data from the market intelligence platform Santiment shows a drop in the number of Dogecoin holders holding between 10 million and 100 million DOGE tokens. This suggests that some holders have offloaded their tokens to secure profits from DOGE’s recent price gains. 

This wave of profit-taking looks to have become a pattern among DOGE holders, as further data from Santimemt showed that these whales also instantly booked their profits just after DOGE enjoyed an upward trend earlier in March. Bitcoinist even reported then of a Dogecoin whale that offloaded 86 million DOGE tokens on the market. 

Considering the magnitude of these whales’ holdings, their actions are bound to exert much selling pressure on the DOGE token. That explains why the meme coin has steadily declined since rising to as high as $0.22 last week. Interestingly, Santiment, in an X (formerly Twitter) post, had recently warned of an impending sell-off by these whales. 

The crypto analytics platform noted how major dormant whales were moving their Dogecoin holdings back into circulation, which usually suggests they are getting ready to sell. Meanwhile, members of the DOGE community seem unfazed by the recent price dip, with many of them seeing it as an opportunity to accumulate more of the meme coin.

The Whales Will Soon Return  

Dogecoin whales are expected to return and position themselves again once this wave of profit-taking by them is done. Besides taking profits, these whales also see this period as an opportunity to invest in DOGE at the market bottom and in anticipation of future price gains. 

Despite this recent correction, there looks to be a lot of bullish momentum on the largest meme coin by market cap, especially with analysts predicting that it could rise to $1 in this market cycle. In the short term, Dogecoin is also expected to make another run soon, with significant events coming up for the meme coin this April.

The foremost US exchange, Coinbase, is set to launch Dogecoin futures for its institutional clients on April 29. This move could cause new money to flow into the meme coin’s ecosystem and spark a price surge. DOGE Day is also happening on April 20, which will put the spotlight on the crypto token and possibly impact its price positively. 

At the time of writing, DOGE is trading at around $0.18, down over 6% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com

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Dogecoin Price Poised For Massive 600% Rally In April: Crypto Analyst

Dogecoin, a frontrunner in the meme coin genre of crypto, is showing bullish signals on its technical charts that could indicate an impending rally, according to noted crypto analyst Ali Martinez. Via X, he stated:

I feel my fellow degens have been distracted with the new shiny memecoins, but Dogecoin remains the most important altcoin in this sector. From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run!

Dogecoin price projection

The weekly DOGE/USD price chart presents a descending triangle pattern, typically bearish, that has emerged since its peak in May 2021. However, the price action of recent months has been decidedly bullish, with Dogecoin breaking above the triangle’s upper trendline already in November 2023. This move invalidated the bearish sentiment often associated with this pattern, signaling a strong shift in market dynamics.

With the monthly close for March, the Dogecoin price has crossed the significant 0.5 Fibonacci retracement level of the downtrend, situated at approximately $0.19057, hinting at further upside potential. At press time, DOGE traded at $0.2072 reflecting an 86% increase in March.

The Fibonacci retracement levels laid out on the chart are based on the swing high and low of the previous market cycles. If Dogecoin continues to adhere to the Fibonacci levels as it has historically, the immediate target would be the 0.618 level at $0.26241, followed by the 0.786 level at $0.41376 and the all-time high at $0.73905.

Extending into the price discovery, the Fibonacci extension levels are mapped out at $1.54481 (1.272 Fib level), $2.27007 (1.414 Fib level), and $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level). These figures represent future areas of interest where the price might find resistance in the event of a continued upward trajectory.

Martinez’s analysis also includes a projection based on Dogecoin’s price action from the 2018-2021 bull market, represented by the light gray line on the chart. This projected trajectory is extrapolated from the past price pattern and suggests a parabolic rise for DOGE. Notably, the DOGE price could already skyrocket in April if history repeats.

According to Martinez’s projection, if Dogecoin follows the historical pattern, its price could potentially surge to nearly $1.5 by April, which would represent a 600% rally. This price target is further supported by the Fibonacci extension levels, with $1.54481 (1.272 Fib level) serving as a prospective hurdle.

Subsequently, the DOGE price could initially require a slowdown and remain stuck in a consolidation zone between the previous all-time high and the 1,272 Fib for several months. The rally could then continue according to Martinez’s projection.

In a similarly explosive move, DOGE could rise above $1.50 and then pulverize the Fib levels at $2.27007 (1.414 Fib level), $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level) until the rally stalls again at just over $6.30. A final move could see Dogecoin break above $11.11 (2.0 Fib level) where it could find a cycle high, according to the analyst.

At press time, the DOGE price was at $0.2077.

Dogecoin price

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Dogecoin Open Interest Hits Record $2.2 Billion – What’s Next For DOGE Price?

The Dogecoin open interest has been on the rise over the past few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the price of the meme coin has been reflecting the growth seen by its open interest.

This recent bullish momentum pushed the price of DOGE to break the $0.22 mark, its highest point in three years. However, the question is – how far can this rally go for the foremost meme token?

Dogecoin Open Interest Breaks Above $2 Billion

According to data from CoinGlass, the Dogecoin open interest broke through the $2 billion mark on Friday, March 29. Although DOGE’s open interest stands at around 1.96 billion at press time, it rose as high as $2.21 billion on Friday, a new record for the meme coin.

Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (Dogecoin, in this case) in the market at a given time. It provides insight into the amount of money investors are pouring into DOGE derivatives at this time.

The meme token’s open interest has had quite a performance since the start of March. DOGE’s open interest rose to $1.6 billion (an all-time high at the time) earlier in the month before retracing to below $1 billion by March 20.

It is worth noting that there has been a high correlation between open interest and Dogecoin’s price, with both climbing at the same time and at almost the same pace. Typically, a rising open interest can suggest a continuation of the trend around the asset’s price at the moment.

Ultimately, the current high open interest for DOGE could mean a rapid price movement for the meme coin in the near future. However, it would be difficult to tell the direction in which this spurt of volatility would take the price of Dogecoin, especially as open interest is not the most optimal indicator of trends or price action.

DOGE Price Overview

As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline in the last 24 hours. While the meme token’s price has somewhat struggled since hitting the three-year high, it has managed to retain most of its profit from the past week.

According to CoinGecko data, the Dogecoin price is up by a whopping 18% in the past seven days. This positive performance has strengthened DOGE’s position as the largest meme coin in the market, with a market capitalization of $29 billion.

Dogecoin

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Dogecoin Holder Base Reaches New Record Amid Surge In Interest

Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors.

Dogecoin Holders Cross 6.9 Million

The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise.

According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over.

This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin.

To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time.

DOGE Outlook Continues To Be Bullish

In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up.

The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed.

Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling.

The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around $0.2, forcing the meme coin back downward.

Dogecoin price chart from Tradingview.com

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Dogecoin Whales Go On Massive Buying Spree, Here’s How Much They’ve Bought

Dogecoin has seen a steady rise in activity in the past two days to reverse the period of stagnancy recorded earlier in the week. At the time of writing, DOGE is up by 7% in the past 24 hours, reversing some of the corrections it has experienced in the past week. Turns out some Dogecoin whales have been going on a massive buying spree, as indicated by on-chain data. 

Popular crypto analyst Ali Martinez highlighted this accumulation trend by tweeting that DOGE whales have bought over 25 million DOGE worth around $3.75 million in the past three days. 

Crypto Analyst Reveals Dogecoin Whale Accumulation

According to the Santiment chart shared by Ali Martinez on social media, wallets holding between 10 million to 100 million DOGE tokens have now pushed their total balance to 15.63 billion DOGE after adding 25 million DOGE in the past 24 hours. 

Interestingly, the chart dynamics indicate this is a major change in sentiment from this cohort of traders, as their collective balance has been in a freefall since March 14th.

Why Does This Matter?

Crypto whales typically move the market. Increased buying or selloff from a few large traders could change the sentiment of other investors, and they could further cascade a price surge or decline. Notably, the chart shared by Martinez shows that the total balance of DOGE’s whale addresses has largely corresponded with the price increase. 

For example, the drop on March 14 in the total whale balance corresponded with a 33% drop in DOGE’s price from $0.1878 on March 14 to March 20. However, DOGE is now showing signs of recovery and is currently trading at $0.1629.

While Dogecoin whales and FOMO buyers may temporarily push DOGE higher, its long term success really depends on whether it can transform from a memecoin into a widely used cryptocurrency. Dogecoin recently scored a point in its bid to achieve mainstream adoption. Coinbase, America’s biggest crypto exchange, revealed plans to introduce Dogecoin along with Litecoin and Bitcoin Cash to its regulated futures contract offerings.

According to an earlier prediction by Ali Martinez, DOGE could reach the $1 mark in April. His prediction was based off of the crypto’s performance after similar breakouts in 2017 and 2021. 

A large part of this prediction coming to manifestation is a bullish sentiment from whale addresses, especially if they continue on an accumulation pattern. A key price level to watch is $0.20. If DOGE breaks above this resistance level, it could continue surging higher on buying momentum. But if it fails to break $0.20 and starts dropping again, it may indicate the rally is running out of steam.

Dogecoin price chart from Tradingview.com

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Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy

The Dogecoin (DOGE) network has entered a period of stagnancy, as the number of addresses holding the meme coin has slowed. This is a stark contrast to February and January, when the network experienced a significant expansion. 

Dogecoin Has Added Only 60,000 New Addresses In March

Data from the market intelligence platform Santiment shows that the total number of DOGE holders has increased by only 60,000 since the beginning of this month. At the start of the month, 6.51 million users were holding the meme coin, with this figure only increasing to 6.57 million since then.

This is unlike February when the total number of DOGE holders rose from 5.92 million to 6.51 million. Specifically, around this same time last month, the network had already seen an increase of 450,000 in the total number of addresses holding DOGE. Meanwhile, NewsBTC reported that over 400,000 new addresses were added in two weeks between January and February. 

Dogecoin also set a new record in January alone when 247,240 new DOGE addresses were created on January 29. Crypto analyst Ali Martinez noted that a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. That underscores how significant the number of addresses holding the meme coin is. 

The stagnancy in Dogecoin’s holder activity might also come as a surprise to some in the crypto community, considering the meme coin frenzy that has taken the crypto space by storm. However, a plausible explanation is that meme coin traders aren’t necessarily invested in the prominent meme tokens but have their eyes on the undervalued gems. 

How Other Top Meme Coins Have Fared

Data from Santiment also shows that the other two meme coins, Shiba Inu (SHIB) and Pepe (PEPE), which make up the top three largest meme coins by market cap, haven’t fared better. Shiba Inu hasn’t seen its holder count increase since the beginning of the month, with the total number of users holding the meme coin still at 1.38 million. 

On the other hand, PEPE still has less than 200,000 holders despite boasting a year-to-date (YTD) gain of over 370%. These figures place DOGE firmly ahead of SHIB and PEPE in terms of the number of users they all have. Dogecoin is expected to see its user base pick up once again as soon as there is a renewed interest in network functionalities like the Doginals. 

At the time of writing, DOGE is trading at around $0.12, down almost 14% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com