The assessment of Dogecoin’s (DOGE) value continues to be a topic of interest for investors, who are eagerly watching to see if the meme coin can reach the highs witnessed in 2021. However, the outlook for the beginning of 2024 appears bearish, with the AI-powered predictions suggesting a continuation of the downward trend.
While the market awaits a potential bull run, particularly with the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US, it remains unclear whether Dogecoin can capitalize on this momentum to achieve new highs. The trajectory of DOGE’s price is largely dependent on the overall market direction, as it currently lacks specific bullish triggers.
In the past, DOGE experienced notable bullish movements influenced by events like mentions from Tesla CEO Elon Musk, a vocal supporter of the meme coin. With that in mind, a significant catalyst to look out for in 2024 is the rollout of payment services by X (formerly Twitter), which Dogecoin is poised to benefit from.
Another factor to consider is the increased on-chain activity of DOGE, particularly involving large transactions by whales. Recent examples include a transfer of 59.9 million DOGE (worth around $5 million) to Coinbase and a transaction of 65.1 million DOGE (valued at approximately $5.89 million) to Robinhood.
The impact of these large transactions on DOGE’s price trajectory in the long term remains to be seen. However, the key target for DOGE currently stands at a valuation of $1.
At present, DOGE is valued at $0.08, experiencing daily losses of over 3% and a weekly decline of more than 11%. Technical analysis indicates a bearish outlook for DOGE, with signals suggesting sentiments of “sell” and “strong sell.”
Overall, Dogecoin’s ability to rally will heavily depend on the movements of the general market. As always, it’s important to remember that the content on this site should not be considered investment advice and that investing is speculative, with capital at risk.
The source of the article is from the blog anexartiti.gr