As the crypto market gradually loses the bullish steam, the Dogecoin (DOGE) price has approached the apex of a triangular consolidation formed in the past few days. In the past 24 hours, Dogecoin price dropped around 3 percent to trade at about $0.167 on Friday, March 21, during the early New York session.
Dogecoin, the leading dog-themed memecoin, has a fully diluted valuation of around $24.8 billion and a 24-hour trading volume of about $834 million. However, since U.S. President Donald Trump’s second inauguration, DOGE has been caught in a downward trend.
Adding to this, demand for memecoins has fallen in recent months, largely due to several major Web3 hacks and scams that have shaken investor confidence.
From a technical standpoint, Dogecoin is testing an important support level within a long-term rising channel that has been forming over the past two years. On the four-hour chart, DOGE is showing an ascending triangle pattern, indicating a battle between buyers and sellers.
Crypto analyst Ali Martinez warns that DOGE could drop another 16%, potentially falling to the $0.14 support level. This bearish prediction is backed by Dogecoin’s strong correlation with Bitcoin, which has also been signaling short-term weakness.
Despite its price struggles, Dogecoin remains a key player in the crypto market. It has over 6.1 million on-chain holders and is accepted by many global businesses as a form of payment.
Dogecoin’s proof-of-work (PoW) system has also attracted more institutional investors, thanks in part to the continued support of billionaire Elon Musk. In a show of his enthusiasm for DOGE, Musk even named a U.S. government efficiency department after the cryptocurrency, reinforcing its influence beyond the crypto space.
According to our DOGE price prediction, the meme coin might hit a maximum of $1.07 in 2025.
Yes, Dogecoin might definitely be a good investment, if you are looking to invest for the long term.
No, Dogecoin is not dead right now, the peaks and troughs are normal in the cryptocurrency industry. Major announcements and happenings will eventually drive the price.
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