As the year 2023 concludes, Bitcoin, the king of cryptocurrencies, hovers at $42,430, continuing its sideways trend. The market is anticipating potential volatility in the first half of January, with updates on Bitcoin ETF applications hinting at a pivotal moment ahead.
Dogecoin (DOGE), the leading meme coin, is trading at $0.092, experiencing a 1.5% loss over the last 24 hours. The upcoming DOGE-1 space mission could provide a short-term boost to DOGE’s price, potentially triggered by either a supportive tweet from Elon Musk or news related to the mission.
However, DOGE investors are losing hope in these possibilities, especially after Musk’s recent comments during an X Space broadcast, where he seemed to downplay the significance of cryptocurrencies. A real surge in DOGE’s value may only occur with the onset of a major altcoin bull season led by Ethereum.
Meme coins like DOGE can attract intense interest and rally during prolonged periods of rapid growth. Yet, with even major, utility-providing altcoins struggling to deliver, expectations for DOGE are cautious. The year 2024 promises surprises, and the crypto community is curious to see what a bull run might bring to Dogecoin without Musk’s influence.
Dogecoin has lost nearly 20% of its value since its peak in the week of December 11, underperforming while other altcoins have multiplied in value. This is partly due to shifting investor interest towards newer meme coins with lower market caps on networks like Solana and Avalanche, which have offered dramatic gains and losses.
Regarding Dogecoin’s price action, it failed to overcome resistance at $0.106, facing significant selling pressure. The price tested the $0.087 area but has not yet broken below it. If it does, Dogecoin may seek new support between $0.08 and $0.068.
