Dogecoin (DOGE) price is having a major pullback as the investor focus shifts to a new batch of memecoins. Most of the capital is flowing into BONK which has emerged as one of the most popular memecoin of this year. However, DOGE is poised to make a comeback and the technical analysis is screaming for a bullish wave.
At press time, DOGE price stands at $0.094 after a 4.28% pullback on Friday. The negative price action is occurring due to a 2.17% drop in Bitcoin price. This caused a 1.45% decline in the Total 3 market cap which is a measure of the valuation of the altcoin market.
Memecoins have been performing very well lately. A new altcoin named BONK has overtaken PEPE to become the third most valuable meme coin in terms of market capitalization. After a recent Coinbase listing, the market cap of the coin, which resides on the Solana blockchain, has hit a market cap of $1.6 billion.
However, the current market cap of BONK is still only 12% of that of Dogecoin. While Dogecoin price is not performing well right now, this may change soon as the capital starts to flow in. A major difference between DOGE and other dogcoins is the fact that the former has the support of the world’s richest man, Elon Musk.
Dogecoin Price Analysis & Technical Forecast
An analysis of the DOGE/BTC pair shows that while it is having a pullback, bulls are still defending the weekly support of $0.00000219. As long as this level doesn’t get breached, Dogecoin price prediction will likely stay bullish, provided the BTC price action remains positive.
The daily chart is still suggest more upside for DOGE as the price has broken out of the falling wedge pattern. There is still a strong likelihood of another bullish leg toward the November 2022 peak of $0.158 which is almost 60% above the current price level.