Dogecoin Price Drops 23% at Start of February Amid Bearish Sentiment
Dogecoin (DOGE) has experienced a 23% decline at the start of February, following a modest 4% gain in January. Historical data indicates February is typically a bearish month for DOGE, averaging a 1% loss since its launch in 2013, with only four positive closes in twelve years.
- Only one significant loss over 20% occurred in February 2014, when DOGE dropped over 30%.
- Despite bearish trends, some analysts maintain a bullish outlook. One analyst noted similarities between current price actions and those prior to the 2017 bull run, predicting a potential rally above $1 by April.
- Another analyst forecasts DOGE could reach $10 if it holds above $0.19, indicating strong bullish momentum.
- A third analyst suggests DOGE may hit $4.5 based on trend strength indicated by the Average Directional Index (ADX).
Currently, DOGE trades around $0.25, reflecting a decline of over 4% in the last 24 hours.
