The price of Dogecoin has plunged by 12% today, sinking to $0.3796 as the cryptocurrency market falls by 7.5% in the past 24 hours.
Today’s decline means DOGE has lost 1.5% in a week and 7% in a fortnight, with the meme token still up by a whopping 176% in the past month.
Despite its big 24-hour correction, the coin remains in a position to make further gains in the coming weeks, with analysts noting that a classic ‘cup and handle’ formation could help it surge to $0.82 in the current cycle.
And with the Dogecoin Foundation recently soliciting new major donors for the coin’s development and expansion, the future also looks very good for DOGE in terms of its fundamentals.
Analyst Predicts Dogecoin ‘Cup And Handle’ Formation Could Propel it to $0.82 In December, Support Remains At $0.37
Popular analyst and trader Ali Martinez has followed Dogecoin through the post-election bull market, having previously claimed that the token has entered a parabolic surge.
A few days ago, he added to his running commentary by noting that DOGE is “in the middle of a bullish breakout to $0.82.”
His rationale for this prediction is that DOGE’s chart had formed a bull flag, which at the time it was breaking through.
And while today’s drop makes half of his analysis a little obsolete, Martinez also predicted that a rally towards $0.82 would be on for as long as the $0.37 support holds.
And so far, despite today’s correction, this support level is indeed still holding.
Source: TradingView
What’s encouraging about DOGE’s one-hour chart is that it shows the coin’s indicator nearing bottoms.
This implies that a concerted rebound back towards $0.40 is very close.
There are also fundamentals reasons to be bullish about DOGE, with the Dogecoin Foundation recently making a call for donors.
This has the aim of boosting DOGE’s development and adoption, and when combined with the bullish direction of the wider market, such development could help the Dogecoin price reach $0.82 by Q2 2025.
New Meme Tokens Show Stronger Upside Potential
While many traders remain bullish for Dogecoin’s future, there’s a more skeptical argument to suggest that it has already had its moment in the Sun as far as this cycle is concerned.
If so, traders would be better off turning to newer meme tokens already, since these can often outperform market averages during their initial growth phases.
And one coin doing this at the moment is Catslap (SLAP), a quirky ERC-20 meme token that has launched directly to DEXes.
It listed on Uniswap last week, with DEXTools data showing that, despite a correction from its peak, it has made a seven day gain of 1,700%.
Source: Dex tools/TradingView
The coin’s 24-hour trading volume remains high at $2 million, which is impressive for such a fresh token.
And while there are now far too many meme coins to choose from, Catslap has been able to distinguish itself thanks to having a unique and compelling hook.
Namely, its official website features a simple mini-game in which users can tap/click in order to animate a cat-slap gif.
The game counts taps/clicks and logs them according to the nation in which they were made, encouraging players to engage with the game in order to make sure that their nations come out on top.
This simple mechanic seems to have done the trick in attracting investors to Catslap, with the project’s X account already boasting over 9,000 followers.
The token’s team is aiming to reach a market cap of $100 million by the third phase of its roadmap, and it’s interesting to note that it has already reached $19 million.
Given its accelerated growth, investors may prefer to buy it sooner rather than later.
They can do so via Uniswap or via the Catslap website, where 1 SLAP is $0.00230263.
Buy SLAP Now
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