Dogecoin's price felt the market pressure, falling by 8% in the last 24 hours. Analyst Ali Martinez has pointed to concerning signals on the DOGE chart.
DOGE Price Analysis
The recent price action of Dogecoin is causing concern. From late October through mid-November, DOGE experienced a significant rally marked by sharp price increases. Following its peak in late November, DOGE entered a clear decline and consolidation phase, marking a series of lower highs and lows. While mid-January saw a brief upward movement, the momentum appeared substantially weaker compared to the initial rally.
DOGE and PEPE Comparison
The analysis becomes more concerning when comparing DOGE’s current price action to PEPE’s recent movement patterns. PEPE’s chart shows a sharp decline from previous highs, with consistent lower highs and lower lows. Similarly, DOGE appears to be mirroring this bearish pattern, with a potential breakdown forming below the critical $0.31 support level. If this support fails to hold, the downtrend could intensify, potentially targeting the $0.20 range.
Outlook and Conclusions
The correlation between these patterns suggests that DOGE might follow PEPE’s price trajectory, particularly if it breaks below the crucial $0.31 support level. This technical setup, combined with the bearish MVRV crossover, points to increased selling pressure in the near term.
Dogecoin's price situation remains highly volatile, and investors should closely monitor developments, especially in the context of its comparison to PEPE and its patterns.
