The price of the biggest memecoin, Dogecoin, is showing strength on Monday. The dog-themed cryptocurrency changed hands at $0.0606 at press time after declining by 0.13%. However, the DOGE/BTC pair was up 0.87%, showing the DOGE coin's resilience against the most valuable digital asset.
On the first trading session of the week, BTC price briefly dipped below $26,000. However, the altcoin market remained resilient as the investors bought the dip. Investor interest in the altcoins was evident as the Bitcoin dominance fell 0.30%. DOGE price also remained strong and stood 8.5% above its August lows.
Technical analysis on a higher timeframe reveals that the DOGE/USD pair has respected a downward trendline since hitting its November 2022 high. The price slumped again after a 50% surge at the start of 2023.
The following chart shows the price action on a weekly timeframe. It is pretty clear that the downward trendline is acting as a diagonal resistance. It is better to wait for a breakout from the downtrend before buying Dogecoin right now, as there is still some possibility of more downside. There seems to be a strong demand below the $0.057 level, as this region has resulted in multiple bounces.
Just like DOGE to USD pair, the DOGE/BTC pair has also been in a tailspin since its 2021 all-time high. During this time, the price has slid 81% against the Bitcoin. Weakness in the Bitcoin pairs of an altcoin results in an even a bigger drop in its USD price.
The weekly chart of the memecoin shows that 0.00000233 is a very critical level. This level has been the biggest support level for the DOGE price in the last 3 years. Currently, the pair is trading at this key level. In case of a strong rebound, the Dogecoin price prediction may turn extremely bullish.
Many short-term traders bought DOGE in July 2023 amid a transition of Twitter to X. This resulted in a surge in the memecoin price as the holders expected a Twitter integration for the popular dog coin. This was due to Elon Musk's affection and appreciation for the Dogecoin, which has always been in front of everyone.
However, most of these short-term traders seem disappointed as the social media platform has yet to announce any DOGE-related update. Nevertheless, the Twitter integration of the biggest memecoin by market capitalization is still on the cards as Elon Musk has shared his intentions to make the social platform a major player in the gl
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