- Dogecoin price fell 1.6%, trading at $0.1071 at press time, with a sluggish performance.
- One analyst predicted a potential rally, citing a similar pattern to Dogecoin’s 2021 bull run.
Dogecoin (DOGE), the meme-inspired cryptocurrency, has struggled with market volatility over the past week, despite previous attempts at a rally.
While Dogecoin saw a 2.7% increase last week, marking a slight upward trend, its more recent performance has been disappointing.
The cryptocurrency’s value fell over the past 24 hours, reaching a low of $0.1065 before recovering slightly to reach its press-time trading price of $0.1071.
This represents a 1.6% decline over the past day, adding to a slow-moving trend that has left many investors questioning the asset’s ability to rebound.
DOGE Historical Pattern
One notable development came from prominent crypto analyst Trader Tardigrade, who common an optimistic view of Dogecoin via X (formerly Twitter).
The analyst pointed to a technical pattern known as the “Williams Alligator,” which suggests Dogecoin could be ready for a breakout.
Source: Trader Tardigrade on
Trader Tardigrade noted that this trend, which followed a breakout of a long-term downtrend, reflected a consolidation phase similar to that seen before the massive 2021 bull run.
This observation has sparked discussions about whether Dogecoin could be on the verge of another significant rally in the near future.
A bull run on the horizon?
Although the technical outlook suggests potential bullish momentum, a deeper analysis of Dogecoin’s fundamentals could offer a clearer picture of the asset’s trajectory.
One of the essential indicators to watch is the Relative Strength Index (RSI), which measures the speed and direction of price movements.
According to data According to CryptoQuant, Dogecoin’s RSI stood at a neutral figure of 38 at press time.
Source: CryptoQuant
This indicates that the asset is neither overbought nor oversold, suggesting that there is still room for movement in either direction, depending on market sentiment.
In addition to the RSI, whale activity can provide valuable information about market behavior.
Whale deals – those involving transfers of more than $100,000 – are often seen as a barometer of interest from institutional or wealthy investors.
Read Dogecoin (DOGE) Price Prediction 2024-2025
Data from IntoTheBlock showed a significant drop in Dogecoin whale transactions this month, with the number dropping from 1.56k to just 1.1k at press time.
This drop could signal a decline in interest or confidence among large investors, which could dampen the potential for an immediate price surge.
Source: In the block
