A widely followed trading-focused X account presented a bullish thesis on Sunday, positioning PENGU—the token tied to the Popular NFT brand Pudgy Penguins—as the next evolution of memecoins, surpassing Dogecoin (CRYPTO: DOGE). Dogecoin's Criticism Justified?
Dogecoin's trading volume has declined in a quiet trading session following the weekend. In the last 24 hours, Dogecoin volume was down nearly 50% to $669 million according to CoinMarketCap data.
Dogecoin price prediction shows DOGE holding key support as traders watch for a breakout from its accumulation range.
Where will DOGE's price action go from here?
Dogecoin tests key resistance as DOGE charts show downside risk, recovery momentum, and support near the $0.08 level.
Short-term momentum of Dogecoin swayed in favour of market bulls.
Dogecoin continues to prove it is far more than just a meme. According to CoinGecko, DOGE's market capitalization has now grown to more than 8x the size of the entire NFT market, highlighting just how dominant the original memecoin remains in the crypto space. At the time of writing, Dogecoin is trading at around $0.
Dogecoin price tests support as DOGE long liquidations rise, while the weekly chart shows a possible rounded base setup.
Dogecoin (CRYPTO: DOGE) climbed around 14% over the past month, but traders are warning the move may still be a short-term recovery rally rather than the start of a full bull run. Analysts Eye Major Resistance Ahead Crypto analyst Kevin said Dogecoin's rebound looks more like a countertrend rally inside a broader uncertain market structure.
Dogecoin faces mounting selling pressure this week following a decline exceeding 4%, bringing the meme cryptocurrency to approximately $0.106. The asset has breached the $0.110 threshold and fallen below its 100-hour simple moving average, placing bullish traders in a defensive position.
Dogecoin started a fresh decline below the $0.1120 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1085 and $0.1115.
Bitcoin pulled back from this week's $81,500 high after U.S. forces fired on Iranian targets, while crypto futures markets logged their 67th straight day of negative funding rates, the longest streak in a decade per K33 Research.