Donald Trump’s election victory in November 2024 sent shockwaves through the crypto market, sparking a rally across various assets, with meme coin leader Dogecoin (DOGE) among the notable beneficiaries. During his campaign, Trump expressed strong support for the cryptocurrency sector, contributing to the excitement that saw DOGE soar by 220%.
The price surge took Dogecoin from $0.15139 to highs of $0.48434, a meteoric rise that fueled investor optimism. However, as the rally stalls in recent weeks, Dogecoin’s price has retraced to around $0.38429 at the time of writing, leaving many investors wondering whether there’s still room for further gains in the short term.
Investor Sentiment Turns Negative
Recent data from Santiment Feed, shared by crypto analyst Ali Martinez, reveals a sharp decline in DOGE sentiment. The weighted sentiment, which had reached near five in mid-November, has plummeted to a negative 0.6 as of December 17. Additionally, social media mentions of Dogecoin have dropped significantly, from over 3,200 to below 300.
While these signs may suggest fading enthusiasm for the asset, negative sentiment could also serve as a contrarian indicator. In fact, many analysts remain bullish on Dogecoin despite the recent correction.
Is a Bullish Rebound on the Horizon?
Despite the dip in sentiment, market analyst Javon Marks believes that Dogecoin is poised for further growth. According to Marks, DOGE’s current price movement mirrors its historical patterns, suggesting a potential gain of up to 75% and possibly reaching its previous all-time high of $0.73905. Marks has set a conservative target of $3, with an optimistic outlook pointing to $15 or more in the long run.
On a more ambitious note, analyst “Cantonese Cat” has even suggested a $24 target for DOGE, based on historical price action.
Also Read: Arkham Intelligence Integrates Dogecoin for Enhanced Analytics Amid Network Vulnerability Concerns
While the recent dip in sentiment may have caused some investors to lose confidence, the broader outlook for Dogecoin remains promising. If the historical performance holds true, DOGE could see significant growth in the coming months, making it an asset worth keeping an eye on.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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