In the field of memes, Dog Coin (DOGE), which has been recognized by Elon Musk himself, is working hard to cope with short-term bearish pressure, reflecting broader sentiment in the cryptocurrency market. When the morning market opened in New York on Tuesday, the trading price of Dog Coin was approximately $0
In the field of memes, Dog Coin (DOGE), which has been recognized by Elon Musk himself, is working hard to cope with short-term bearish pressure, reflecting broader sentiment in the cryptocurrency market. When the morning market opened in New York on Tuesday, the trading price of Dog Coin was approximately $0.063, indicating that it was in the final stage of macro consolidation before the upcoming bullish breakthrough.
Nevertheless, meme tokens seem poised to further decline in the coming weeks, strategically positioning themselves to take advantage of the additional bullish momentum. According to the renowned digital asset analyst CryptoTony, who has over 335000 X platform enthusiasts, the price trajectory of Dogcoin is still somewhat unstable.
This uncertainty stems from the significant macro decline in the logarithmic trend line last month. Tony, the cryptocurrency, specifically asserts that the bullish group of Dogcoin must regain momentum by allowing further declines, especially after three rejections from the upper resistance boundary.
CryptoTony expects the price of dog coins to drop to $0.040, a strategic move aimed at promoting a rebound and breaking through the overall macro resistance zone. This view resonates with many investors, who expect the primary meme token to continue to decline until stronger support is found.
From a broader perspective, dog coins face fierce competition from other meme coins such as the Chaigou (SHIB). It is worth noting that SHIB has recently launched its second layer (L2) extension solution, Shibarium, which further intensifies competition in the meme field.
At present, the fate of Dogcoin seems to heavily depend on Elon Musk's sudden whims on Twitter, and many analysts believe that this factor may not be enough to resist the competition brought about by other memes. However, it is worth noting that compared to the cryptocurrency bull market before 2021, the on chain development of Dogcoin has significantly increased.
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