Bitcoin has surged past $44,000 while altcoins continue to face negativity, with Dogecoin (DOGE) dropping below $0.08. Despite being the largest meme coin by market value, DOGE has not been immune to recent sell-offs. The question arises as to what the future holds for DOGE, and what the current price predictions suggest.
On December 31, DOGE broke past resistance and climbed to $0.094, but gains quickly reversed following a Matrixport report. With the loss of the $0.087 support level, Dogecoin is now finding support at $0.078. Continued selling pressure could push the price down to the $0.0715 area.
The altcoin weakness is expected to persist due to increased interest in Bitcoin and the rise of Bitcoin dominance (BTCD), partly triggered by anticipations of SEC approval. This has already initiated altcoin sell-offs days in advance.
For DOGE to rebound, it needs to close above $0.0825 and reclaim the $0.088 threshold as support. Surpassing the $0.09788 barrier could lead to a revisit of the $0.106 peak. However, the current lack of interest and Elon Musk’s absence of support may lead to less resistance to downward movements for Dogecoin investors.
In a potential 2024 bull run, Dogecoin could again attract attention as in previous seasons. However, the rise of lower market cap meme coins and their growing communities could diminish Dogecoin’s demand peak. Remembering Elon Musk’s significant influence during Dogecoin’s high-volume days highlights the loss of a major price catalyst. A possible return to the $0.3 threshold this year is plausible after overcoming the $0.158 to $0.213 barriers, but it requires a significant trigger for higher peaks. Meanwhile, ongoing miner sell-offs and the emergence of new favorite meme coins like FLOKI, PEPE, and BONK suggest a challenging environment for Dogecoin’s aspirations.