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Dogecoin

<p>The world’s largest <a href="https://coingape.com/meme-coins-crash-in-sync-with-crypto-market-here-why/" target="_blank" rel="noopener">meme coin</a>, Dogecoin, has come under massive selling pressure recently dropping 17% over the last week and more than 33% over the last month. As of press time, the dogecoin (DOGE) price is trading 4.5% down at $0.1255 with a market cap of $18.09 billion. However, market analysts continue to be bullish on the meme coin, stating that it has weathered such huge corrections in the past as well.</p> 
<h3 id="dogecoin-price-gearing-up-for-1000-rally">Dogecoin Price Gearing Up For 1000% Rally?</h3> 
<p>Crypto analyst Ali Martinez highlights the recurring pattern in Dogecoin’s price behavior, suggesting that the current correction is typical before significant bull runs.</p> 
<p>Martinez points out historical instances in 2017 and 2021 where the <a href="https://coingape.com/price/dogecoin" target="_blank" rel="noopener">Dogecoin price</a> experienced similar retracements before substantial price surges. In both cases, Dogecoin broke out of descending triangles, retraced by significant percentages (40% in 2017 and 56% in 2021), and then witnessed massive bull runs of 982% and 12,197%, respectively.</p> 
<p>Martinez notes that in 2024, Dogecoin has once again broken out of a descending triangle and is undergoing a 47% price correction, resembling previous cycles, which could potentially precede the next Dogecoin bull run. On the other hand, there’s a rising <a href="https://coingape.com/markets/doge-price-forecast-can-dogecoin-finally-reach-0-2-on-rising-whale-interest/" target="_blank" rel="noopener">Dogecoin whale interest</a> to support the rally ahead.</p> 
<p>This observation suggests a recurring pattern in Dogecoin’s price movements over the years, emphasizing the importance of patience for investors. If the DOGE price follows a similar trend as suggested by Martinez, we could see DOGE surging past $6.0 in the next crypto bull run.</p> 
<figure id="attachment_194740" aria-describedby="caption-attachment-194740" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-194740" src="https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally.jpeg" alt="" width="2209" height="1443" srcset="https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally.jpeg 2209w, https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally-300x196.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally-1224x800.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally-768x502.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally-1536x1003.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally-2048x1338.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Dogecoin-Price-Rally-150x98.jpeg 150w" sizes="(max-width: 2209px) 100vw, 2209px">
 <figcaption id="caption-attachment-194740" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1785808747383673157" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<h3 id="short-term-price-action">Short-Term Price Action</h3> 
<p>Following a dip below $0.150, Dogecoin experienced continued declines, entering a short-term bearish trend akin to Bitcoin and Ethereum. The price fell below the crucial support zone at $0.1350, reaching a low of $0.1201 before stabilizing.</p> 
<p>Although there was a slight recovery above $0.1250, gains were limited by resistance at $0.130. Currently trading below $0.1420 and the 100 simple moving average (4 hours), DOGE faces resistance near $0.130. The next significant barrier lies at $0.1350; failure to surpass this level could lead to further downward movement. Initial support is anticipated at $0.1220.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-194741" src="https://coingape.com/wp-content/uploads/2024/05/Doegcoin-DOGE-Price-Action.webp" alt="" width="1024" height="461" srcset="https://coingape.com/wp-content/uploads/2024/05/Doegcoin-DOGE-Price-Action.webp 1024w, https://coingape.com/wp-content/uploads/2024/05/Doegcoin-DOGE-Price-Action-300x135.webp 300w, https://coingape.com/wp-content/uploads/2024/05/Doegcoin-DOGE-Price-Action-768x346.webp 768w, https://coingape.com/wp-content/uploads/2024/05/Doegcoin-DOGE-Price-Action-150x68.webp 150w" sizes="(max-width: 1024px) 100vw, 1024px"></p> 
<p>The subsequent significant support level is around $0.120. Should the price breach this support level to the downside, it may continue its descent. In such a scenario, the price could potentially drop towards the $0.1040 level.</p> 
<p>In another development, there’s been a huge whale transfer for DOGE to the popular trading platform Robinhood. Popular handle Whale Alert has cited the transfer of 15 million DOGE tokens.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 150,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (19,812,697 USD) transferred from <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw">#Robinhood</a> to unknown wallet<a href="https://t.co/QTeZOfR1Vu">https://t.co/QTeZOfR1Vu</a></p> 
 <p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1785745702859022600?ref_src=twsrc%5Etfw">May 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/dogecoin-47-pullback-sets-stage-for-a-1000-doge-price-rally-ahead/">Dogecoin’s 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Dogecoin’s 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead

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