A Remake of the 2018 Fall for Dogecoin ?
After making impressive gains in 2022, reaching historical highs, Dogecoin (DOGE) seems to have lost some of its momentum at the beginning of 2023. According to Cryptorank data, the largest memecoin has indeed recorded a decline of nearly 46% in the first quarter, its worst performance during this period in 7 years.
This collapse echoes the crash suffered by DOGE in 2018, when the crypto had lost nearly 69% of its value in the first three months of the year. At that time, the decline had continued into the second quarter (-11.5%), before a spectacular rebound in the third (+138%). A pattern that current investors fear might repeat itself.
A Last hope for DOGE
Despite this severe correction, crypto analyst Ali Martinez notes that Dogecoin continues to hold above the lower boundary of its ascending channel. According to him, an increase in demand at this level could propel DOGE towards the middle or upper range, which includes levels between 4 and 7 dollars.
On the other hand, trader Tardigrade believes that Dogecoin may have already hit its lowest point, drawing on precedents from September 2024. A scenario that could herald a bullish reversal for the memecoin. Analyst Master Kenobi shares this view, anticipating a new breakout similar to the one observed at the same time last year.
At the time of writing, Dogecoin is trading around 0.17 dollars, up 2% over the last 24 hours. After starting 2023 on a positive note (+4% in January), the token quickly plunged in February (-38.5%) and continues to lose ground in March (-17.5%).
A bleak picture, reminiscent of the bearish episodes of 2018. Will Dogecoin manage to bounce back as it did 5 years ago? The next steps are crucial for the future of the largest memecoin in the industry.
Should you buy Dogecoin Now ?
If DOGE manages to reclaim the 0.22 dollar resistance, hopes for a new bullish momentum can return. However, to trigger a significant uptrend, it must especially regain its 200-day moving average at 0.255 dollar. This represents a 50% increase. Additionally, the Ichimoku indicates a buy signal, with invalidation below 0.14 dollar.
Here is a practical guide to buy DOGE on the Weex platform:
- Create a Weex account
Visit Weex’s official website and sign up with your email or phone number. Validate your registration. - Verify your identity (KYC)
Complete the KYC verification by submitting an ID document and, if required, proof of address. This quick step is essential to unlock all features. - Add funds
In “Deposit”, top up your wallet with cryptos (USDT, BTC, etc.) or via fiat (bank transfer, card, subject to availability). - Access the market
Go to “Trading Spot”, type “DOGE” in the search bar, and select the DOGE/USDT pair to open the trading interface.- Make the purchase
Opt for a market order for an immediate purchase or a limit order to set a specific price. Enter the desired quantity of DOGE, verify, and confirm.
- Make the purchase
