• • DOGE recently fell back down to number 8 on CoinMarketCap’s list of biggest cryptos by market cap.

• • The altcoin experienced a 24-hour loss of 6.55% after surging more than 25% recently.

• This correction may be followed by another leg up if history repeats itself for the meme coin.

After being inactive for 9.3 years, a dormant address that held 1,215,614 DOGE ($116,460) has been activated, causing a stir within the Dogecoin community. This occurred at the same time as a recent surge in global Google (NASDAQ:GOOGL) searches for Dogecoin, which has increased by almost 2,000% since Tesla (NASDAQ:TSLA) CEO Elon Musk replaced Twitter’s bird logo with the Shiba Inu image associated with Dogecoin. As a result, interest in the meme-based cryptocurrency has significantly increased in the past week, with search terms such as “Buy Doge” and “buy Dogecoin” experiencing substantial growth.

Dogecoin (DOGE) Current Market Standing

DOGE is currently the 8th biggest project in terms of market cap as Cardano (ADA) reclaims the number 7 position on the list. This comes after DOGE’s price slid 6.55% over the last 24 hours. This 24-hour loss has also impacted DOGE’s market cap – bringing the meme coin’s estimated market cap down to $12.731 billion at press time.

DOGE’s weekly price performance remains in the green, however, at +21.99%. As a result, DOGE is currently changing hands at $0.09152 at press time according to CoinMarketCap.

DOGE also weakened against the two market leaders, Bitcoin (BTC) and Ethereum (ETH), by 4.70% and 5.31% respectively.

The daily trading volume for DOGE also dropped 49.97% over the last 24 hours. This has brought down DOGE’s daily trading volume to $1,349,225,877.

Dogecoin (DOGE) Technical Overview

4-hour chart for DOGE/USDT (Source: TradingView)

The price of DOGE has dropped below the 9 and 20 EMA lines on its 4-hour chart in the last 24 hours. In addition, a bearish descending triangle chart pattern has formed on the altcoin’s 4-hour chart as well after DOGE’s price printed lower highs. This suggests that DOGE’s price will continue to fall in the next 24 hours.

The RSI line on DOGE’s 4-hour chart also plummeted below the RSI SMA line during this latest correction and is now in neutral territory. However, the negative slope of the RSI line suggests that the next 24 hours will not be in favor of DOGE bulls and DOGE’s price correction may continue.

A key level that traders and investors should keep an eye on is the support level at $0.08960. Should DOGE’s price break below this level in the next 24 hours then the meme coin’s price could drop as low as $0.08560 in the next 48 hours.

There is, however, still a possibility that DOGE’s price will rebound into another leg up. A recent example where this took place was on Monday afternoon when the 9 EMA was set to cross bearishly below the 20 EMA line on the 4-hour chart but then did a drastic turnaround as DOGE’s price spiked more than 25%.

Daily chart for DOGE/USDT (Source: TradingView)

DOGE’s price has been in a downward trend in the last 3 days in what may just be a correction before another leg up. A hint that DOGE has reached this correction’s low is the amount of buy support that is pushing today’s daily candle up, as can be seen by the wick underneath today’s daily candle at press time.

The relative positioning of the 9-day and 20-day EMA lines suggests that DOGE’s price remains in a bulls cycle, with the shorter EMA still trading above the longer EMA line. However, the daily RSI indicator supports a more bearish outlook for DOGE in the next 24-48 hours.

Currently, the daily RSI line is sloped negatively towards the oversold territory, which is a bearish flag. This bearishness is reduced, however, by the fact that the daily RSI line remains above the RSI SMA line at press time. With the RSI line currently in slightly overbought territory, there is still room left for DOGE’s price to rise in the next 24 hours.

Should DOGE’s price increase in the next 24-48 hours, the upside target will be $0.9630, which is the next major resistance level for the altcoin’s price.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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