The price of Dogecoin (DOGE) has dropped by around 10% over the previous twenty-four hours, which is in line with a more widespread sell-off that has been observed across the cryptocurrency market. Dogecoin (DOGE) is up strongly on Wednesday.
Frenzied trading circumstances have been sparked as a result of concerns that the United States Securities and Exchange Commission (SEC) could not approve spot Bitcoin exchange-traded funds (ETFs) in the very near future. Yahoo reports that spot trading volumes for Dogecoin have reached their greatest level since the 11th of December, with a total of about one billion dollars being traded across various exchanges so far on Wednesday.
The price of Dogecoin began the day higher than $0.09, and it fell as low as the $0.076s before climbing back up to about $0.082 throughout the course of the day.
According to coinglass.com, the dramatic decline resulted in leveraged Dogecoin long futures contracts worth roughly $10 million being wiped out on Monday. This was the largest one-day-long liquidation event that had occurred in more than three months.
Do you think there will be further declines in the price of Dogecoin (DOGE)?

The most recent decline in the price of Dogecoin gives credence to bearish price formations that have been displaying warning flags over the past few days.
First and foremost, ever since the price of Dogecoin reached its highest point in December, it has remained consolidated within a bearish descending triangle pattern.
Secondly, soon before the end of the year 2024, Dogecoin saw a price drop that was below an uptrend that had been in effect since October.
The significant decline that occurred on Wednesday below the critical short-term support in the $0.088 level provided further evidence that the near-term technical bias is likely to be negative.
In the near future, price forecasts may continue to be pessimistic, and it is possible that DOGE may see more declines.
Will Dogecoin Reach $1 in the Year 2024?
Although the extremely short-term future for Dogecoin may seem gloomy, this is primarily due to technical factors. Assuming that the overall cryptocurrency bull market continues to be volatile, it is likely that dips will not be very severe or endure for an excessively long period of time.
Therefore, Dogecoin is a good candidate to perform well as risk appetite throughout the cryptocurrency market improves this year in conjunction with the introduction of spot cryptocurrency exchange-traded funds (ETFs) and a rate-cutting cycle from the Federal Reserve.
In light of the fact that Dogecoin, for the most part, was unable to keep up with the significant price increases that Bitcoin (BTC) and Ether (ETH) experienced in 2023, it is possible that Dogecoin may be considered a rather attractive value bet considering the current market conditions.
In the year 2021, the market capitalization of Dogecoin momentarily hit $82 billion.
In the event that the cryptocurrency is able to achieve this level in 2024 or 2025, there is a possibility that DOGE may reach $1 dollars.
As of right now, there are around 142 billion Dogecoins in circulation, which means that in order for each token to be worth $1, the market capitalization of DOGE would need to reach a total of $142 billion.
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In spite of the many ups and downs that it had over the month of November, Dogecoin has just finished another month where it has been profitable. After closing the month of October in the green as well, this green monthly closure represents the second straight green monthly for the company. In light of the fact that this pattern has already been completed, let us examine the historical performance of Dogecoin throughout the period in which it has achieved two consecutive green monthly closures.
Both of the monthly closes for Green Dogecoin
There is a substantial amount of significance associated with the two consecutive green monthly closures for Dogecoin owing to the price's performance in the past when this condition has occurred. Considering the very volatile nature of the meme coin, it is not every time that it earns two consecutive green monthly closes. This might be quite optimistic for the price, as it indicates that the meme coin is performing well.
An illustration of this would be the fact that the meme currency had finished the months of November and December in the green, which occurred around the end of the year 2020. At the time, it did not appear to be important; but, this would mark the beginning of one of the most amazing rallies in cryptocurrency that has occurred up to this point.
It was the green monthly closures that Dogecoin adopted and ran with, and the subsequent few months would be marked by nothing but green cryptocurrency prices. Following the green monthly closure, the price of DOGE increased from around $0.008 to more than $0.05 over the course of the subsequent four months.
The meme coin would end each of these four months in the green as its price continued to steadily increase during the course of the year. In the event that this pattern were to occur once more, the price of $DOGE may be getting ready for yet another significant run.
Could DOGE Achieve the Same Level of Success?
In the past, Dogecoin has demonstrated a strong ability to follow trends, which is a positive sign for the cryptocurrency's present success. There have been instances, however, in which there has been a departure from this pattern, despite the fact that the two consecutive monthly closures have been registered.
During the months of September and October 2022, Dogecoin had finished both months higher than it had started. On the other hand, the price is expected to drop significantly over the course of the following several months. At the conclusion of the day, the meme coin saw two monthly closes that were red before an additional monthly close occurred.
The fact that 2022 was highly bearish as a result of the collapse of FTX , but 2023 is quite bullish as a result of the Bitcoin price rebounding again, is a significant contrast between the trend in 2022 and the trend in 2023. It is possible that Dogecoin will continue to climb as long as investor greed remains at a very high level.
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