The correction in Dogecoin (DOGE) price could be already over as the memecoin rebounded on Tuesday. The leading memecoin fell 0.90% on Monday but the buyers stepped in below the previous range highs of $0.09. As a result, DOGE is up 1.28% today.
In the last 24 hrs, Dogecoin of worth $851 million has traded on the crypto exchanges. The current price puts it at a market capitalization of 13.2 billion which is the highest among the meme coins. However, in the past few weeks, the industry focus has been on the new batch of dogcoins.
BONK and WIF have triggered another dogcoin season as many dog-themed cryptocurrencies are performing well. At the moment, only new coins are experiencing the inflows but older coins like DOGE and SHIB may join the rally soon if the market sentiment remains positive.
On a monthly timeframe, Dogecoin price is up 11.18% which is nothing compared to the astronomical gains posted by coins like BONK and WIF. Nevertheless, Dogecoin remains the market leader of the memes as investors expect an X/Twitter integration at some point in the future.
In my previous analysis of DOGE/BTC chart, I mentioned the 0.00000219 support which has been recently breached. Since it is a high timeframe support, bulls can still make a comeback. However, a weekly close below this level might make Dogecoin price prediction bearish.
On the other hand, DOGE/USD is still maintaining a bullish outlook. Earlier this week, the pair retested its $0.09 support and bounced. If this support holds, there could be another retest of the $0.10 level in the coming days. The invalidation of this forecast will be a break below $0.09 level which is the previous range high.
You can also follow me on X/Twitter to stay updated on the latest industry news and my personal trades.