Dogecoin (DOGE) Price Prediction: Will the Meme Coin Continue to Drop or Will It Rebound?

Dogecoin's DOGE/USD latest whale transactions and rising liquidations have raised uncertainty about the meme coin's short-term future. While some traders expect further downside, others see a potential rebound from lower support levels.

What Is Next For Dogecoin According To Trader

CrediBULL Crypto noted that DOGE has dropped nearly 60% after rejecting a key monthly supply zone, which could lead to further decline.

"The next logical targets are the range lows, and then it's my final targets in green below where I may actually look to buy some $DOGE for the first time in my portfolio at some point in the coming weeks."

Trader Tardigrade pointed out that DOGE has experienced three major pullbacks since October 2022. The first two corrections of around 64% were followed by +300% and +500% surges.

"Considering the current 66% pullback, a potential rally might push to 1$."

Zig Zag Trades analyst Paul predicts DOGE could fall as low as $0.12 before attempting a major rebound. He sees a five-sub wave decline, with Fibonacci-based support levels pinpointing DOGE's likely bottom.

"DOGE's final corrective phase could test the $0.12-$0.15 range before a potential rally, but there are no guarantees it holds." Paul's notations highlight a Golden Zone commonly used to pinpoint Fibonacci support clusters, and his markings pinpoint Fibonacci ratios that could define DOGE's near-term floor.

Dogecoin Latest Transactions And Liquidations

Whale Alert data pointed to 360 million DOGE, worth $62.7 million, transferred from an unknown wallet to Binance. This movement raised curiosity if this could mean a sell-off by the whale to cash out or a strategic reshuffling or accumulation.

On Sunday, Dogecoin saw a surge in long liquidations, reaching $19 million, its highest levels in three weeks, according to Coinglass data.

The cryptocurrency market experienced a liquidation total of $240 million in the past 24 hours, with long traders bearing the brunt of the liquidations, which reached $194 million over the same period.

This brought the week's liquidations to $766 million, and the month's to $3.48 billion. Among individual cryptocurrencies, ATOM saw the largest liquidations at $104 million, followed by LTC at $72.3 million and BTC at $67.4 million.