The Dogecoin (CRYPTO: DOGE) price hit an all-time high of 74 cents on 8 May last year.
At the time, the meme crypto which features a Shiba Inu dog on its logo, was receiving some big-name support. That included plaudits from Tesla Inc (NASDAQ: TSLA) founder Elon Musk.
But the last 9 months haven't been kind to crypto investors who bought at the highs.
Since 8 May, the Dogecoin price has crashed a gut-wrenching 81%, according to data from CoinMarketCap. One Dogecoin currently trades for 14 cents.
Despite that slide, the dog-themed token still has a total market valuation of some US$19 billion, making up 1.1% of the total crypto-sphere.
And with most every other crypto in retreat as well – Bitcoin (CRYPTO: BTC) is down 44% from its own 10 November record highs – Dogecoin still ranks as the number 11 crypto by market cap.
Image source: Getty Images
What's next for the Dogecoin price?
Forecasting price moves for cryptos is no easy, or guaranteed, task. And when it comes to meme tokens like Dogecoin, investor sentiment is going to play a big role.
Taking a technical analysis approach, FXStreet forecasts that the Dogecoin price should hit 16 US cents this week. That's up 15% from the current price.
FXStreet notes that Dogecoin plunged 35% in 6 days from 16-22 January. Since then, however:
DOGE has produced a sideways movement indicating consolidation around the $0.14 barrier. Any short-term spike in buying pressure is likely to propel [the] Dogecoin price into a 15% ascent to $0.164. This level coincides with the 50-day Simple Moving Average (SMA).
But beware if Dogecoin reverses and falls below the immediate support level of 12.8 US cents. "This downswing could be the key in triggering a crash to the $0.09 support floor."
Scott Pape, aka the Barefoot Investor, has a decidedly more bearish outlook for the Dogecoin price.
Pape, who hasn't been a big fan of cryptocurrencies to date, said (quoted by The Daily Mail), "If you're asking me where the crypto market is going, I have absolutely no idea in the short term. Yet I do have a rough yardstick on when we'll see the bottom: When Dogecoin is valued at zero."
