The recent correction in the cryptocurrency market has caused Dogecoin to slip below $95K, with meme coins like DOGE and SHIB being hit particularly hard. Despite this, analysts are pointing to historical data that suggests these pullbacks are a natural part of Dogecoin’s price cycles and could potentially lead to a rally in the near future.
Currently, Dogecoin is trading at $0.32 with a market cap of $47 Billion and a 24-hour trading volume of $4.16 Billion. The memecoin’s price sustaining above the 50% Fibonacci retracement level indicates a bullish trend in the broader market, with key support levels at $0.28 and $0.22 for DOGE.
Analysts are drawing parallels between Dogecoin’s current behavior and its past parabolic rallies, with predictions that the price could potentially reach $17.9, representing a growth of 5,500%. The recent correction has seen Dogecoin dropping from $0.48 to $0.327, with the price trajectory now moving sideways.
The daily chart shows a rejection candle at $0.28, signaling renewed demand pressure at this level supported by the 50% Fibonacci level. If the correction continues, buyers may find support at $0.22, aligned with the 61.8% Fibonacci level. Despite the recent volatility, there is optimism among analysts that Dogecoin could see a resurgence in the near future and potentially reach new all-time highs.
