Can Dogecoin, Elon Musk's favorite crypto, achieve the feat of reaching its all-time high? During this cycle where all eyes are on memecoins, DOGE must nevertheless fill an abysmal void to succeed in recapitalizing the 60 billion it lacks to regain its highest capitalization. Let's see where this journey could start!
Can DOGE regain its nobility?
It is Tuesday, October 29, 2024 and the price of Dogecoin (DOGE) is moving around $0.165.
The last analysis we carried out on DOGE dates back to April 30, 2024. Since then, the Token2024 conference took place in Singapore, during which a very notable intervention shook the ecosystem.
During this intervention, Murad Mahmudov discussed the potential of memecoins, which often represent dogs, cats or frogs. Most of the time, these carry all the hopes of a community. Memecoins have evolved towards a new status, that of a speculative alternative to technological tokens, for which the appetite of VCs has tarnished the image, with projects deployed in recent months too favorable to investors.
How to easily buy Dogecoin (DOGE) in 2024?
DOGE is currently 9th in the crypto ecosystem, with $24.24 billion in market capitalization. A position that gives it the title of leader in the memecoin sector.
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| Pairs with Dogecoin | 24 hours | 7 days | 1 month |
| Doge/USDT | +13.90% | +15.60% | +30.20% |
| Doge/Bitcoin | +9.40% | +10.00% | +20.30% |
What can we expect from DOGE in the coming weeks?
DOGE is the most capitalized memecoin in the ecosystem; consequently, it seems difficult to imagine that it could develop volatility as powerful as its newly arrived competitors.
The most obvious target, the one that everyone could aim for, is the all-time high reached on May 8, 2021, near $0.74. It was another time and another life for dog crypto, which was then being pushed north by Elon Musk's tweets, reaching a capitalization of $88.79 billion.
The asset is now relegated to 77% below its historic peak, working to reconquer levels that could allow it to gain support to climb the next step.
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Indeed, the area drawn in yellow on the chart is a long-term level which has already been used as a pivot in recent years. Last February, the asset crossed $0.16 before failing to convert the level into support.
This week, the DOGE of the Dogecoin project attempts a new crossing with a configuration that takes an impulsive form: the Bollinger bands open and the moving averages show the desire for a bullish alignment. This alignment is not finalized, however, with the 20-period moving average still residing below its 50-period counterpart.
The DOGE trend is therefore bullish, in preparation for an impulsive phase; This scenario remains valid as long as price action manages to hold above the 50% retracement level of the entire bullish leg from earlier this year.
The upward trend could be called into question if a weekly close validates a break in the zone drawn in blue below $0.12. This zone could also be an interesting level to position yourself on DOGE if the market were to revisit it.
Weekly Dogecoin price chart
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In summary, Dogecoin shows the desire to develop an impulsive rise. However, the asset is already in contact with major resistance, a multi-year pivot, the reconquest of which could allow it to climb a new stage in the construction of its upward trend. The next movement depends on the strength that the asset can develop in the short term; in the event of running out of steam, a consolidation above $0.14 would remain very positive.
So, do you think DOGE can already set its sights on a new price record? Don't hesitate to give us your opinion in the comments.
Have a nice day and we’ll see you next week for a new analysis.
Sources: TradingView, Coinglass, Glassnode
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Analyst at Cryptoast Research for several years, I carry out in-depth monitoring of the crypto market to analyze the next narratives while keeping an eye on the financial markets.
Emmanuel Lazaro
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