Dogecoin has been the meme enthusiast’s favorite since the beginning, as it was the first meme coin ever launched. Being a part of the crypto industry for a decade, Dogecoin has gained supporters, including the famous Elon Musk. Still, this year, the trends are unsupportive of this dog-themed meme coin, as the value has continuously declined. In this blog, let us discuss what is happening with the Dogecoin price and whether it will recover.

Dogecoin Price Loses Its Ground With Toncoin Leading

Dogecoin was earlier ranked 8th on CoinmarketCap for its market capitalization, but with its continuous declines over the past few weeks, Toncoin has moved forward in the ranking. As a result, Dogecoin has moved to the 9th spot, where its market cap is standing at $17,705,259,083. This drop is because of the continuous decline in the Dogecoin price, a fall of 24%  over the monthly interval. Earlier, it was not the most profitable value as well, but it was around an average of $0.15 but now has moved to $0.1221.

This is the lowest performance of the DOGE in the last three months, and the price has been moving sideways since the middle of June, indicating the battle between buyers and sellers.

What’s Limiting The Dogecoin Growth?

The most restricting factor the Dogecoin’s growth is the ongoing market conditions. The crypto market has been under consolidation for days, with the investor’s sentiments turning neutral, causing peaks to end early. Additionally, the meme coins competition has grown heavily this year as newly launched ones are winning over investors, especially the Solana ones. The Solana meme coins have shown the highest gains this year, which has momentarily shadowed Dogecoin and the other old options.

Will Dogecoin Price Recover?

Dogecoin is among the most favored meme coins, leading to the rising number of token holders. At the beginning of the year, there were 6,054,801 holders, but that has now grown to 7,021,772, indicating high demand. However, there are no immediate signs of recovery as the meme coin is in a complete selling zone where the technical factors indicate the current consolidation period. The exponential and simple moving averages of all the timeframes show Dogecoin’s high selling, whereas the technical ones like Relative Strength Index, Bull Bear Power, Williams Percent Range (14), and many others put it neutral. Only the MACD (12,26) level indicates the buying among investors.

However, many analysts have predicted Dogecoin price recovery under the impact of the meme coin supercycle. Dogecoin has been consolidating for almost 9.5 years and only presented a one year with surging gains, says Kaleo, a well-known crypto analyst. As per his prediction, DOGE is exhibiting a similar pattern as of 2020, where the price went into a similar downtrend before booming in early 2021. He has predicted a similar rally for DOGE this year but highlighted the possibility of DOGE price dropping to $0.08-$0.09 before rising to as high as $2.

Continue Reading Newly Rising Altcoins Of The Market; Analysed

The post Dogecoin Price Loses Its Ground In Market; Why Recovery Is Less Likely? appeared first on CoinGape.

---

Filed under: News - @ July 3, 2024 8:14 am