The price of Dogecoin may soon face a substantial dip. This meme coin, which has been a phenomenon in the crypto market for years, is currently trending towards the lower half of the Bollinger Bands technical indicator. This movement could indicate a potential price drop in the coming days, although it does not guarantee it.

The Bollinger Bands indicator relies on the average price over the last 20 days. Often, we observe that a cryptocurrency approaches the outer bands of this indicator, only to reverse direction subsequently.

When the price moves above or below the middle line, it indicates the direction. Recently, Dogecoin’s price has already fallen, reaching the outer band. As the altcoin remains in the lower half, there is a strong likelihood that it will experience another decline soon.

Recently, we have seen many meme coins tumble significantly, with Shiba Inu witnessing a drastic drop of 65% after hitting a local peak. The overall cryptocurrency market has been bleak in recent weeks, primarily due to high inflation and the Federal Reserve’s decision not to cut interest rates further.

Dogecoin Price Expectation

During bull markets, we often see periods where altcoin prices correct before resuming their upward trend. Currently, Dogecoin seems to be following a similar pattern.

Dogecoin Chart - Source: TradingView In the chart above, we observe significant price points that Dogecoin has encountered over the past months. The local bottom currently stands around $0.07. In the latest dip, Dogecoin found support at $0.20, indicating a strong support level here.

Since early December, a downward trend has begun. After reaching a local apex near $0.48, Dogecoin could not surpass $0.43 in the next breakout, with peaks declining and bottoms hitting new lows.

Ultimately, the support level around $0.20 was reached amidst a steep decline. This level is still higher than the local bottom of $0.07, indicating that a higher bottom has formed. Additionally, Dogecoin managed to reach a new top, with the previous peak at around $0.22 rising to $0.48.

Higher peaks and higher bottoms indicate that Dogecoin remains in an upward trend. This temporary correction could soon conclude. Despite negative signals from the indicators on Dogecoin’s chart, an increase in price appears plausible in the near future.

Alternative Cryptocurrencies for Dogecoin

As the altcoin season seems to be approaching, investors are eagerly searching for the best altcoins with potential returns. In recent months, we have witnessed several altcoins soar significantly, with XRP, ADA, and LINK increasing by hundreds of percent.

However, investors are particularly interested in cryptocurrencies that have not surged dramatically yet. These are often altcoins that are not available on exchanges, leading to interest in presale coins.

A new presale cryptocurrency that was launched recently is Mind of Pepe. During its presale, the $MIND token has generated $6.4 million.

Mind of Pepe provides an AI agent to holders of the $MIND token, offering analytical insights into the crypto market, allowing for informed decision-making.

You can purchase $MIND with ETH, BNB, USDT, and credit card via the official website.