Dogecoin price has suffered a severe correction in the past two months, erasing most of its gains in 2024. On Tuesday morning, DOGE was trading at $0.25, much lower than $0.4840, its highest level in November last year.
So, will the biggest memecoin in the crypto industry drop to $0.10 or surge to $1.00?
Dogecoin Price Rise or Falls Depends on Bitcoin
Whether the DOGE price rises or falls will depend on the performance of Bitcoin, the industry’s most prominent cryptocurrency. Altcoins, especially meme coins, usually do well when Bitcoin is on an upward trajectory.
Therefore, to make a good Dogecoin price prediction, we must first estimate the near-term value of BTC.
The weekly chart shows Bitcoin has remained above the 50-week Exponential Moving Average (EMA), indicating that bulls are still in control.
Further, the coin slowly forms a bullish flag chart pattern. This pattern has a tall flagpole and a rectangle pattern, resembling a hoisted flag. This pattern usually results in a bullish breakout.
Bitcoin has also formed a cup and handle pattern whose depth is about 77%. By measuring that distance from the upper side of this cup, we can estimate that the BTC price will surge to at least $123,000.
DOGE Price Forecast
Bitcoin price has a bullish bias, boding well for Dogecoin and other altcoins. The weekly chart shows that the coin formed a cup and handle pattern between 2021 and November last year.
This pattern is highly bullish, which explains why it jumped to a high of $0.4840.
Dogecoin price has retested the upper side of the cup. A break and retest often lead to the asset’s continuation. It has now moved to the second phase of the Elliot Wave pattern, which is usually a bearish sign.
Dogecoin will probably enter the third phase, which is usually the longest. This phase will push it to an all-time high of $0.7397. A break above that level will indicate more gains. The next key level is $1, about 300% above the current level.
Can Dogecoin Token Crash to $0.1?
There is a risk that the Dogecoin price will crash to the key psychological point of $0.10 in the near term. This price action will probably happen if the coin loses the 50-week moving average at $0.2180, followed by the 100-week MA at $0.1705.
Falling below these levels will signal more downside to $0.10, about 67% below the current level.
Read more: Can Dogecoin Price Hit $20 in 2025? Here’s What Analysts Say
