Dogecoin (DOGE) has weakened from $0.097 to $0.075 since January 20, 2024, and the current price stands at $0.079.
However, positive news is that according to a recent X post by Samuel Reid, CEO of Geometric Energy Corporation (GEC), the company paid SpaceX in Dogecoin for the rescheduling of the DOGE-1 mission to the moon.
But where is the price of Dogecoin going next, and what can we expect from the rest of February 2024?
Today, Crypto Lists will discuss DOGE price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Go directly to
- 1 The strength of Dogecoin lies in its committed community
- 2 Is Dogecoin in big trouble?
- 3 Technical analysis for Dogecoin (DOGE)
- 4 Important support & resistance levels for Dogecoin (DOGE)
- 5 What speaks for the rise in the Dogecoin (DOGE) price
- 6 What indicates the downfall of Dogecoin (DOGE)
- 7 What do analysts and experts say?
The strength of Dogecoin lies in its committed community
Dogecoin was introduced in December 2013 by programmer Billy Markus and marketer Jackson Palmer, who conceived the coin as a humorous nod to the Doge meme. The fascination with this cryptocurrency emerged during a period when developers were only starting to delve into the potentials unlocked by Bitcoin’s creation, and to this day, DOGE is still exchanged, predominantly for tipping online content creators or for crowdfunding efforts.
While Dogecoin might not seem as appealing for investment because of its unlimited supply, it’s important to highlight that the cryptocurrency’s main asset lies in its committed and passionate community. Elon Musk remains a steadfast supporter of Dogecoin, and the potential for DOGE adoption could expand further if it becomes integrated into new products and services offered by his companies.
Positive information is that according to a recent X post by Samuel Reid, CEO of Geometric Energy Corporation (GEC), the company paid SpaceX in Dogecoin for the rescheduling of the DOGE-1 mission to the moon. Initially scheduled to launch as a payload aboard the SpaceX Falcon 9 rocket in 2022, the mission faced a delay because the satellite wasn’t prepared in time for the Intuitive Machines IM-1 launch.
According to Reid’s explanation, the revised agreement places the DOGE-1 satellite on an open manifest basis for a mission that could potentially follow IM-1, contingent upon the satellite’s shipment from Exobotics UK to Maverick Space in the U.S. The fact that Geometric Energy Corporation paid SpaceX in Dogecoin is certainly positive news and it is also important to mention that Tesla already accepts DOGE payments for merchandise transactions.
Is Dogecoin in big trouble?
On the other side, there is also some negative news that is connected with Dogecoin and this week DOGE developer and member of the Dogecoin Foundation Timothy Stebbing has published a tweet stating that Dogecoin is in big trouble. Per his tweet, several cryptocurrency exchanges have reached out to the Dogecoin Foundation, reporting that the original meme cryptocurrency is “jammed/unresponsive.”
Although no specific exchanges were mentioned, Stebbing acknowledged a significant problem of transactions congesting the Dogecoin network. As a result, all developers and board members are actively brainstorming solutions ranging from friendly to extreme measures to address this issue.
The issue of Dogecoin becoming jammed is that the blockchain is used for making Doginals (inscriptions) on the layer-1 blockchain. Timothy Stebbing said that seeking a solution as to how to protect the Dogecoin network is necessary since Dogecoin is a decentralized project and he proposed the idea of transferring data off-chain at the protocol level, advocating for the utilization of the DOGE layer-1 network primarily for validation purposes rather than storage.
At the same time, DOGE experienced a significant whale transaction that caught the attention of traders and investors globally. Based on blockchain metrics emphasized by the tracker Whale Alert, an astonishing 100 million DOGE, valued at $7.83 million, was detected in motion. This significant transfer from an undisclosed wallet, labeled as …wwKF, to the well-known American financial services provider Robinhood, ignited considerable interest among cryptocurrency enthusiasts globally.
Despite expectations of a price dip due to such a substantial selloff by the whale, DOGE experienced a marginal jump. However, investors should have to be careful in the case of this cryptocurrency and it is essential to exercise caution when navigating the highly volatile cryptocurrency market. Factors like market sentiment, international occurrences, and regulatory changes wield substantial influence over the prospective price fluctuations of DOGE and other cryptocurrencies.
Technical analysis for Dogecoin (DOGE)
DOGE has weakened from $0.097 to $0.075 since January 20, 2024, and the current price stands at $0.079. DOGE might have a hard time holding above the $0.075 level in the upcoming days, and a break below this level would indicate that DOGE could test the price level at $0.070.
Important support & resistance levels for Dogecoin (DOGE)
On this chart (the period from May 2023), I marked important support and resistance levels that can help traders understand where the price could move. DOGE still remains under pressure, but if the price advances above $0.085, the next target could be a strong resistance level at $0.090.
The current support level is $0.075, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.073. If the price drops below $0.070, which represents an important support level, the next target could be located around $0.065.
What speaks for the rise in the Dogecoin (DOGE) price
Dogecoin has a strong and active community that is known for its enthusiasm and engagement. Positive sentiment and support from the community can drive demand and, consequently, the price of DOGE. Increased adoption of Dogecoin as a means of payment or tipping in various online communities and platforms can enhance its utility and demand, potentially driving its price higher.
The overall sentiment on the cryptocurrency market can also play a crucial role in DOGE’s price trajectory, while DOGE’s ability to maintain above $0.075 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.085 would be beneficial for the bulls to take control of price movement.
What indicates the downfall of Dogecoin (DOGE)
Dogecoin (DOGE) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.
At the same time, the macroeconomic landscape remains uncertain; major central banks will continue to keep interest rates at restrictive levels, and risk-on assets such as cryptocurrencies could suffer again in such conditions. The important support level for Dogecoin (DOGE) stands at $0.070, and if the price falls below this level, the next target could be $0.065 or even below.
What do analysts and experts say?
Dogecoin (DOGE) is demonstrating a correlation with Bitcoin and the broader cryptocurrency market and since January 20, 2024, the value of this cryptocurrency has declined nearly 20%. According to a recent Bloomberg report which refers to a Deutsche Bank research study conducted between January 15 and January 19, the consensus among most market participants is an expectation for continued price drops across various cryptocurrencies, a trend which is also unfavorable for DOGE.
Crypto analysts are concerned that should Bitcoin once again fall below $40,000, it could trigger a larger sell-off, potentially making it challenging for DOGE to maintain its current price levels. Some other negative developments have also emerged surrounding Dogecoin recently, with DOGE developer and Dogecoin Foundation member Timothy Stebbing taking to Twitter this week to express concern.
In his tweet, Stebbing revealed that various cryptocurrency exchanges have contacted the Dogecoin Foundation, flagging issues of the original meme cryptocurrency being “jammed/unresponsive.” While Stebbing did not specify the exchanges involved, he acknowledged a substantial problem with transactions congesting the Dogecoin network. Consequently, developers and board members are currently engaged in brainstorming sessions, exploring solutions that span from amicable to drastic measures to resolve this pressing issue.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.