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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Dogecoin Under The Microscope – Historical Data Points To Rebound

Christian Encila
Christian Encila
1 year ago
3 mins read
Dogecoin

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Dogecoin, the Shiba Inu-themed bitcoin that erupted on the internet in 2021, has had a rocky ride recently. After a week of adjustments, DOGE seems to be clawing back; some analysts believe this could be getting ready for a repeat of past success.

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Echoes Of Bull Runs Past

Hope for Dogecoin depends on a newly discovered trend reflecting its 2016 and 2020 behaviour. A similar pricing pattern existed back then before notable bull runs drove DOGE to unprecedented heights. For DOGE holders, this revelation has sparked a ray of hope; other analysts project a similar result in the next weeks or months.

#Doge monthly : it’s just a symphony !#dogecoin $DOGEUSD #XD #FTW #PeopleCurrency #ThisIsTheWay @xpayments 𝕏Ð pic.twitter.com/bPiPcNTH3l

— Olivier Ð 𝕏 (@Dark64) June 1, 2024

Technically, things seem to be in line for a possible explosion. Indicators of purchasing and selling pressure, the Chaikin Money Flow (CMF) and Relative Strength Index (RSI), show both positive trends that point to rising market confidence.

Technically, things seem to be in line for a possible explosion. Indicators of purchasing and selling pressure, the Chaikin Money Flow (CMF) and Relative Strength Index (RSI), show both positive trends that point to rising market confidence.

Short-Term Blues And Bearish Whispers

For Dogecoin, meanwhile, not all indicators lead towards sunlight and rainbows. Though prices have lately increased, the general attitude of the market on DOGE is still somewhat negative.

This hostility shows up in a notable drop in weighted sentiment, a gauge of the general tone of coin-related social media comments.

Tracking the number of references DOGE gets online, social volume has also declined recently, indicating declining community interest.

DOGE market cap currently at $22.8 billion. Chart: TradingView.com

Moreover, short-term indicators such as trade volume and speed present alarming picture. Over the past week, trading volume—that is, the frequency of DOGE bought and sold—has dropped significantly.

Dogecoin Price Prediction

Technical indicators for Dogecoin are pointing bearish although a recent run with 43% positive days and rather low volatility is under progress. By July 4th, the present projection is for a price decline of more than 13%, landing at $0.135.

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This suggests a possible gap between market psychology and objective technical analysis since the great “Greed” feeling of 73 on the Fear & Greed Index points against this.

Featured image from Carrie Glenn, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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