PRICE DOGECOIN decreased in the strong bear market this year as it decreased from the highest level in December from $ 0.4845 to $ 0.265. Some of the gains made in 2024 were erased as the fear and greed index moved to the fear area. This article provides unbiased DOGE forecasts and evaluate whether it can enhance a strong return and hit one dollar soon.
Why did the price of Dogecoin crashed?
Dogecoin price this year collapsed for three main reasons. First, the price procedure is mostly due to the survival of Bitcoin in a narrow range in the past few months. It remained within the support and resistance levels 90,000 dollars and 109,000 dollars.
Bitcoin usually determines the tone in the encryption industry, and when they fall or stagnate, investors empty other symbols.
Second, Dogecoin Price decreased where investors sell news. The currency jumped before Donald Trump’s inauguration in January. In most cases, the assets rise before a major news event and then decrease when the news event occurs.
Trump’s inauguration was important for Dogecoin’s price because he appointed Elon Musk to head government competence management (Doug). Musk has already become the strongest individual in the government today.
Third, Dog Price fell due to the low greed in the encryption market. The Fear and Granding Index, which was closely monitored, fell to the 39 -year -old fear area. The transition from the extreme greed area from 88 in 2024 to 39 is a sign that investors will remain in the side line.
Dodge Price scheme Source: TradingView
Elliot Wave refers to the Doge Price recovery
The weekly graph shows that the price of Dog has been under pressure in the past few weeks. It decreased from a height of $ 0.4832 in December to a decrease of $ 0.20.
This decrease was noticeable that the re -tested metal currency at the main support level at $ 0.2278, the highest swing in March last year. This position is known as the pattern of rest and test, which is a popular sign of continuity.
Moreover, the decrease is part of the second stage of the performance of the Elliot wave. For beginners, the Elliot Wave has five stages, with the first one of the climb and the second is the decline. The first stage started in September last year, while the second stage is ongoing.
The third stage is usually the longest, and in the case of Dogecoin, it is likely to end at the highest level ever at $ 0.7600. Then it will decline and re -test the level of decline 23.6 % Fibonacci. Finally, the currency will jump to the resistance at one dollar, an increase of 276 % of the current level.
The main warning is that this analysis uses the weekly scheme, as the patterns take time to form it. For example, the second wave took more than two months to form. Therefore, it is likely that the price of the Dogecoin ultimately increases to one dollar more time to form it.
The upscale expectations will become unimportant if the price of Dogecoin decreases from the main support at $ 0.0835, which is its lowest level in July last year.
Other motivations for Dogecoin
There are other stimuli that may pay for the long -term Dogecoin price. First, the continuous decline is part of the currency recovery. While the Doge Price collapsed 53 % is an acute accident, it is smaller than the 63 % collapse that occurred last year when it decreased from $ 0.278 to $ 0.0834.
Second, there are increasing possibilities that the Securities and Stock Exchange Committee (SEC) will agree to Spot Doge ETF this year. Although Doge is a Mimi currency, it is similar to Bitcoin because it is a symbol of proof of work that SEC considers a digital commodity.
Moreover, the price of the Dogecoin will be strengthened by the freshness of the final bitcoin price. Bitcoin formed the style of science ascending science, a mark of popular continuity.
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