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The Dogecoin price has begun this month with an accident, causing a bassist feeling among Doge investors. This bearish feeling is further strengthened by Historical dataWhich suggests that these investors should not be too optimistic about the most important meme coin that records significant profits this month.
Dogecoin begins in February with 23% as an image of historical data
Cryptorank data It shows that the price of Dogecoin has suffered an accident of 23% since the beginning of February. This follows Monthly green closureThat the most important meme coin enjoyed in January, with a profit of 4% in the first month of the year. In the midst of this price block from the beginning of this month, historical data also point to a bearish perspective for Doge throughout this month.
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Other Cryptorank data show that February is historically a Batter month for Dogecoin. The most important meme currency has suffered a average monthly loss of 1% in February since it was launched in 2013. Doge has had only four monthly green closures in February in the last twelve years.
However, it is worth mentioning that Dogecoin has only closed once in February with a loss of more than 20%, which was in 2014, when its price crashed in more than 30%. As such, the meme currency could still witness a rebound of relief, which could reduce the severity of the 23% price shock suffered since the beginning of this month.
Meanwhile, despite the historical data painting of a bearish perspective for Dogecoin, cryptographic analysts have provided an upward perspective for memes currency. Master Kenobi Cryptographic Analyst He recently highlighted a similarity between the current price action of Dege and that of the Run Bull Run 2017. Based on similarities, he predicted that Dogecoin could soon begin the next section of his bull career, meeting above $ 1 and reaching a Market peak at some point in April.
Doge can still reach $ 10 in this cycle
In an X publication, Ali Martínez cryptographic analyst He predicted that Dogecoin could still reach $ 10 in this market cycle. He said that while Dege remains above $ 0.19, the configuration for a parabolic rally towards $ 10 remains strong. The analyst added that the impulse is being built for the most outstanding memes currency, indicating that the next stage of his bull could soon begin.
Cryptographic analyst Tarded merchant He predicted that Dogecoin could at least reach $ 4.5. He affirmed that the average directional index of Doge (ADX) points out a potentially massive bull on the horizon. The ADX measures the resistance of the tendency to quantify the degree of directional movement in the price. Analyzing the weekly table, the analyst said that a “super strong trend” could occur soon and will reach its maximum point in the coming weeks as the meme currency reaches $ 4.5.
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At the time of writing, the price of Dogecoin is quoted at around $ 0.25, more than 4% in the last 24 hours, according to data of coinmarketcap.
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