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- Dogecoin’s (DOGE) downtrend is reported to have been triggered by the attitude and mood of investors as the Crowd sentiment reaches its lowest point since a year ago.
- However, analysts expect a pullback from the current consolidation level to hit between $1 and $3.2 this year.
Dogecoin’s (DOGE) effort to launch a bullish reversal on its 24-hour price chart to reclaim its 30-day high at $0.42 became futile as it lost steam power at $0.35, taking a “mini-nosedive” to find support at $0.33.
Prior to this, the meme coin had broken a crucial resistance level to record a 22% gain on its weekly chart, per our previous report. However, the current sentiment implies that the asset would need a renewed volume to overpower the current broad market bearish trend as it declines by 1.84% on its daily price chart to extend its monthly loss to 17.6%.
Supporting the current bearish run is the Crowd sentiment, which has reached its lowest point since a year ago. According to Santiment data, DOGE’s rating currently stands at 1 out of 5 compared to XRP, which has 4 out of 5 ratings. It is important to note that the Crowd sentiment represents the feeling or attitude of investors regarding an underlying asset.
In addition to the Crowd sentiment, Google searches for the “Dogecoin” keyword are reported to have significantly declined by 74% since ascending to a yearly high after the US election. As of January 4, searches for Dogecoin had only recorded a score of 24 on the weekly list. This is said to be a 74-point decline from the November 16 score of 100.
More About Dogecoin’s (DOGE) Performance and Prediction
Our research also shows that the dog-themed meme coin has struggled to return to the top following reports that Elon Musk’s handle had been changed to “Kekius Maximus.” Meanwhile, this woeful performance cut across the entire meme sector as it loses 3% of the total market cap. Almost all the top meme coins are in “reds” as Shiba Inu declines by 1.6% while Dogwifhat (WIF) loses 10% of its 24-hour gain. Regardless of this bearish wind, DOGE made it to our list of three meme coins that will explode in 2025.
Commenting on the current bearish metrics and formations on its price chart, a renowned crypto trader identified as Wizz highlighted that there could be a reversal that would see DOGE outperforming most of the top cryptos in the next couple of months. Similarly, analyst KrissPax explained that the current price behavior of the asset is similar to the previous year.
Throwing more light on this, KrissPax pointed out that DOGE ascended to a higher position on the price curve in November 2024 before taking a nosedive. Per his observation, the asset is currently consolidating, gearing up for a massive move this year. Fascinatingly, this thesis is supported by several analysts.
As we mentioned in our previous report, Trader Tardigrade projects DOGE to breach crucial resistance levels to hit $1 this year. According to him, the asset has the potential to finish the year at $3.2. Meanwhile, its volatility poses a serious risk.
