What’s next for meme coin?

TL; DR

Dogecoin (DOGE) has dropped to $0.14, a 12% decrease in the week, but some analysts expect a price increase based on technical patterns. Market analysis shows DOGE has strong support at $0.115 and resistance at $0.16, RSI 48 indicates neither overbought nor oversold.

Where is DOGE headed?

The biggest meme coin in the In terms of market capitalization – Dogecoin (DOGE) – has been hit hard by the recent market downturn. The price fell to $0.14, representing a 12 percent decline over the seven-day period.

Despite the declining trend, many X users expect new explosives from DOGE. It is an example. Cryptojack, World Health Organization After the asset price breaks out of a certain downward pattern, it expects to experience significant ups and downs. Pledge to enter a long position and expect a 55% rise to $0.22.

Merchant Tardigrade It is estimatedDOGE claims that it is following a certain bullish parallel channel that could eventually lead to a price rally above $12. The trader paid particular attention to the $1.40 resistance level It can be reached sometime next year.

To TheBlock market information platform recently proposed that It indicates that MemCoin has settled “above a major chain support level”. The firm said it accumulated 45 million assets at an average of $0.115, which “shows a strong demand zone that could be useful if the market shows weakness.”

“Above, DOGE may face resistance at the $0.16 level, 20 billion doge It is currently occupied In bankruptcy,” added IntoTheBlock.

Previous predictions and parameters on the chain

Altcoin Sherpa and KALEO are among the recent ones He predicted A bright future for DOGE. “Expect him to do something stupid at the end of this year, and there's nothing you can do about it,” the former meme coined. The analyst said that solving the problem is one of the “safest trades” in the next bull cycle.

KALEO went even further, speculating that DOGE could surpass Bitcoin (BTC) on the assumption that the industry is in a “meme super cycle.”

An important on-chain indicator that indicates asset recovery is the Relative Strength Index (RSI). This technical analysis tool determines whether a cryptocurrency is overbought or oversold. It ranges from 0 to 100, and a ratio above 70 indicates the possibility of selling. RSI currently It stops At 48 and did not stop The level mentioned above Starting May 21st.