Dogecoin was one of the stars of the bull season in 2021. It had a lot of zeros at that time. It began a meteoric rise and subsequently reached a market value of approximately $90 billion. Of course, he wiped out his zeros and made his early investors a millionaire. So, what can be expected for Dogecoin as a new bull season has begun?

What's Next for Cryptocurrency Dogecoin (DOGE)?

Cryptocurrency Dogecoin experienced a decline from its 2024 peak of $0.20637. DOGE price is consolidating between $0.14 and $0.18. In the last 24 hours, the price has increased by 3% and is trading at $ 0.16.

On the hourly chart, DOGE price is forming a local channel with support at $0.1628 and resistance at $0.1721. Since most of the Daily Average True Range (ATR) has been crossed, a continued sideways trade in the $0.1650-$0.170 range appears to be the more likely scenario.

What Do the Short-Term Outlook and Medium-Term Outlook Say?

When we look at the short-term outlook, we see that neither buyers nor sellers have managed to gather enough momentum for a significant move in either direction. Any potential upside momentum would likely require a return to the $0.18 region. However, given the current situation, continued movement in either direction remains uncertain.

When we look at the medium-term picture, the cryptocurrency Dogecoin is preparing to close well away from the weekly bar top. If this happens, investors can expect a period of consolidation around $0.15 over the next few days.

Enthusiasm in Meme Coins Directly Affects Dogecoin

Dogecoin, the king of meme coins, is immediately affected by the enthusiasm in this area. Although it is difficult to expect a price movement like in 2021, the altcoin Dogecoin is expected to surpass its bull season peak of $0.73995.