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Crypto ranking platform CoinGecko shares a fact about Dogecoin, noting that the dog coin is 87% away from its ATH, last seen more than four years ago at $0.7316.
Altcoins have sharply underperformed recently, with cryptocurrencies such as Dogecoin down significantly from their peaks. Likewise, mentions of "altseason" on social media have plunged to their lowest level in at least two years, according to recent Santiment analysis.
This remains significant as every major spike in altseason chatter over the past two years coincided with a local top in DOGE.
The positivity is that whenever mentions of altseason drop, a rally often ensues. The pattern might not be perfect, but the correlation between crowd disinterest and subsequent price recoveries is not something to ignore.
At the time of writing, Dogecoin was up 3.51% in the last 24 hours to $0.0956 as a wave of optimism lifted crypto prices.
Analysts believe altcoin recovery might depend on Bitcoin price stability. A breakout on Bitcoin alongside substantial volumes, followed by a consolidation, might lead to rotation into altcoins.
In the short term, Dogecoin faces resistance at $0.10 and $0.16, which coincide with the daily MA 50 and 200.
Support is expected at $0.086 and then $0.0799, which marks the lower boundary of the current trading range, which started forming in February.
Dogecoin remains in spotlight
Dogecoin remains in the spotlight as X is set to launch its new payments feature, X Money, next month, offering peer-to-peer transfers, bank deposits, a debit card and cashback rewards in partnership with Visa, and a licensed subsidiary in more than 40 U.S. states.
There has been previous speculation about crypto integration even though X Money is described as a fiat-only product more akin to Venmo than a crypto wallet. However, the announcement of X money contains zero references to crypto.
Elon Musk referred to Dogecoin as his "favorite cryptocurrency" and Tesla accepted DOGE for merchandise in 2022. Hence, an interesting question is not whether DOGE gets added if cryptocurrencies are included.
Dan Burgin
Vladislav Sopov
