Dogecoin (DOGE)’s decline could set the stage for a 400% rally
The cryptocurrency market has seen wild volatility over the past 30 days. During this period, BTC reached $69,000 before falling below $60,000
DOGE will recover with a 400% rally, repeating the 2020 cycle. Judging by its historical performance, this meme coin won’t fall for long.
Another analyst, Javon Marks, has made a similar analysis, stating that DOGE’s cycle could repeat, noting that
As of the time of writing, Doge is trading at $0.107, down 4.97% on the daily chart.
In addition, the memecoin is down 17.86% on the weekly chart after a month-long downtrend. Likewise, its trading volume has fallen 20.48% to $713.6 million over the past 24 hours.
Likewise, outflows from large holders have also fallen from a high of 192 million to 42 million. This shows that large Dogecoin holders are not selling their assets, indicating that they are confident in a potential trend reversal.
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Therefore, if DOGE closes above the key support level of $0.105 on the daily chart, the meme coin will reverse the trend and try to challenge the important resistance level of $0.13
