Dogecoin (DOGE) was 'abused' by the market over the weekend, but on Monday, it suddenly made a big move, jumping 7%! This has everyone starting to speculate: are these 'funny' Meme coins about to make a big splash again? Don't be fooled by their usual jokester image; they always manage to deliver some 'surprises' for the market at critical moments. Now the crypto circle is looking for the next breakout point, and some are guessing that Meme coins might be the 'leaders' again. Can Dogecoin and its Meme brothers carry the entire scene once more?
What's the current situation with Dogecoin?
Currently, the price of Dogecoin is hovering between 14 and 17 cents, looking a bit 'wilted.' Is it trying to break through the resistance at 20 cents? It seems a bit tough! The recent market performance isn't great either: down 14% in a week, 33% in a month, and a staggering 55% in six months. Those who are bearish are probably smiling.
Short-term moving averages are below long-term ones, and the trend looks a bit weak. However, if market sentiment picks up, Dogecoin could potentially surge to 24 cents, which would be a 70%+ increase from the lows! But if it breaks below the support level of 12 cents, it might 'die' again.
Can Meme coins make a comeback?
This 7% rebound may not look significant, but the Meme coin community is not simple! They are highly volatile, and the community fans are fiercely loyal, which can heat up market sentiment at any time. If Dogecoin can kick through the 'roadblock' at 20 cents, other Meme coins might also take off, possibly leading the market into the next bull run! Underestimating these 'joke coins' could lead to a slap in the face!
