Dogecoin is set to complete its most bearish first quarter of the year in seven years with a quarterly loss of around 46%. This has raised the possibility of the foremost meme coin witnessing a repeat of the 2018 price action, when it recorded its worst Q1 loss ever.
Dogecoin Set To Complete Most Bearish Q1 In Seven Years
Cryptorank data shows that Dogecoin is set to complete its most bearish first quarter in seven years with a loss of around 46%. This is also the first time DOGE has recorded a Q1 loss in three years. In 2023, the foremost meme coin recorded a gain of almost 10%, while in 2024, it recorded an astonishing increase of 147%.
Market participants had begun the year with high hopes for Dogecoin, as this year was meant to mark the peak of its bull run, but that hasn’t happened. In January, the meme coin closed with a meager gain of 4%. However, things quickly spiraled in February when DOGE closed with a loss of 38.5%. Meanwhile, Dogecoin has also recorded a loss of 17.5% this month.
It is worth mentioning that 2018 is the only time Dogecoin has recorded a worse Q1 loss, losing 68.8% during that period. Based on this, DOGE could mirror the 2018 price action. If so, the foremost meme coin is set to record a Q2 loss, just like in 2018. However, a positive is that Q3 could turn things around like it did in 2018.
In 2018, Dogecoin recorded an impressive gain of 138% in Q3 after suffering losses of 68.8% and 11.5% in Q1 and Q2, respectively. A similar gain in Q3 of this year could help erase DOGE’s losses in this quarter and any potential loss in Q2. However, based on the 2018 price action, the Q3 rally would mark the peak of its bull run this year.
DOGE Holding Above Lower Boundary Of Ascending Channel
In an X post, crypto analyst Ali Martinez noted that Dogecoin continues to hold above the lower boundary of an ascending channel. He remarked that a spike in demand at this current level could fuel a rally toward the mid or upper range. His accompanying chart showed that the mid-range is at $4 while the upper range is above $7.
Crypto analyst Trader Tardigrade suggested that Dogecoin might have found its bottom amid the recent market crash. He stated that DOGE could follow the fractals from September 2024, which could lead to a bullish reversal for the meme coin. Crypto analyst Mater Kenobi also recently alluded to the September 2024 price action, predicting that DOGE could break out again like it did back then.
At the time of writing, the Dogecoin price is trading at around $0.165, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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