Will DOGE Price Bounce Back to $0.48?

Dogecoin (DOGE), the leading memecoin by market cap, is among the altcoins impacted by the wider crypto correction in the past two weeks. The large-cap memecoin, with a fully diluted valuation of about $38.4 billion and a 24-hour average trading volume of about $1.58 billion, has dropped over 25 percent in the past few days to trade around 26 cents on Thursday, February 6, during the early New York session.

DOGE Price Expectations 

Dogecoin price, in the daily time frame, has been trapped in a correction mode since hitting a local high of around $0.48 in early December 2024. From a technical analysis standpoint, Dogecoin price has been forming a bullish pennant, through an ABC correction.

The recent Dogecoin price selloff to 20 cents retested the lower border of a falling trend, thus signaling a potential rebound akin to the mid-December rebound. 

Moreover, the daily Relative Strength Index (RSI) has been hovering around the oversold levels for the past week.

With the 200-day Moving Average (MA) acting as a support level, the DOGE price is well primed for a rebound toward the all-time high in the near future.

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Renewed Interest in Dogecoin from Whale Investors 

According to on-chain data analysis from Santiment, Dogecoin wallets, with a balance of between 10 million and 100 million coins, have added more than 750 million during the recent market correction. As a result, the Dogecoin whale investors in this category hold over 23.2 billion DOGE coins.

The launch of the Official Trump (TRUMP) memecoin on the Solana network has instilled significant confidence in the meme industry. With Dogecoin having gained significant traction in the past decease, which involves miners and enterprises accepting it for payments, the dog-themed memecoin is well positioned to rally further ahead.

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