Dogecoin Starts Out February with 23% Crash, What Does Historical Data Point To?
Dogecoin’s price has started this month, and has caused bearish sentiment among Doge investors as the crash. This bearish sentiment has been further strengthened historical datawhich shows that these investors should not be too optimistic about the most important meme coins that record large gains this month.
Dogecoin starts in February, historical data draw bearish pictures, at 23%
Cryptorank data It shows that Dogecoin prices have suffered 23% of crashes since early February. This is followed Monthly green closewhich is the most important meme coin enjoyed in January, has increased by 4% in the first month of the year. Historical data also indicate the total bearishness of the month in the price crash since the beginning of this month.
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Further data from Cryptorank suggests that February is a historically Dogecoin bearish month. Since its launch in 2013, the most important meme coins have lost an average of 1% per month. Doge has closed only monthly green in February for the past twelve years.
However, it is worth mentioning that Dogecoin closed for only once for February, with losses of more than 20%, and prices fell by more than 30% in 2014. So meme coins can still witness a relief rebound, which could alleviate the severity of the 23% price crash since the beginning of this month.
Meanwhile, crypto analysts offer bullish prospects for meme coins despite historical data paintings of bearish outlook for Dogecoin. Crypto Analyst Kenobi Master Recently, Doge’s current price action is similar to the 2017 Bull Run. Based on similarities, he predicted that domycin will soon start the next bull run, gathering above $1 and reaching market peak sometime in April.
The Governor can still reach $10 in this cycle
In X posts, Crypto analyst Ali Martinez It is predicted that domycin can still reach $10 in this market cycle. He said that as long as Doge sells for more than $0.19, the parabolic meeting setting is still strong towards the $10 setting. The analyst added that motivation is building developments for the most important meme coin, suggesting it will soon start the next bull run.
Crypto Analyst Trader Tardigrade It is predicted that Dogecoin can reach at least $4.50. He said Doge’s average direction index (ADX) marks a potential large bull run. ADX measures trend intensity by quantifying the degree of movement of the price direction. Analysts analyzed the weekly charts, and analysts asserted that a “super trend” could happen soon and will peak in the next few weeks as the meme coin reaches $4.50.
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At the time of writing, Dogecoin price is trading at about $0.25, down more than 4% in the past 24 hours. data From CoinMarketCap.
Featured images from Unsplash, charts from TradingView.com
