Meme tokens or memecoins are tokens that were created as a joke. The first-ever meme coin, Dogecoin, was created back in 2013 to mock Bitcoin at the period. These coins are describable by some features, including their high volatility rate and lack of utility. Although these meme coins have no utility in the market, traders have often keyed into the projects to help increase their value for their profits. Famous Tesla CEO Elon Musk is a typical example as he is an ardent advocate for digital assets. Besides Elon Musk, other celebrities have also drummed support for the tokens, with some being ambassadors for different meme tokens. Although Dogecoin is the most popular, so many other meme tokens have been created across the crypto market. Some of these tokens include Shiba Inu, Dogelon Mars, and others.

Dogecoin is a peer-to-peer digital asset that was built on the Litecoin blockchain. The digital asset is open-sourced and is also described as a meme token. It entered the market in 2013 and is distinct due to the image of the Shiba Inu dog logo its developers created. Although Dogecoin was created to make jest of Bitcoin at the period, it has some advantages in the market. Dogecoin uses a script algorithm, with its main feature being its low price and unlimited supply in the market. Dogecoin saw a massive rise in value in 2017 following the general crypto market surge. During this period, the token amassed a massive number of followers. Although it is no longer trading where it used to be, some traders are still tipping the coin for space among top tokens.

After reaching the $0.10 support, the Dogecoin price was able to break a trend line in the last few weeks, which had caused prices to fall steadily. A break in a trend line usually indicates a trend reversal, but the Dogecoin course seems to have already reached the target. The price has formed a resistance zone between $0.163 and $0.183, which has been tested. The Dogecoin price was sold off in this resistance area, which is why we now assume that the price will fall for the first time. We expect the price to confirm the break of the trendline, confirming the trendline as support. After this happens, the top priority is for the price to break the resistance area. If it breaks, the price could rally to $0.283.

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We consider it very unlikely that the Dogecoin price will recover completely and rise to old highs. We could imagine the price rising to the GoldenPocket of the last up move ($0.25), but no further. After that, we expect another fall that could go lower than the current low of $0.10. Dogecoin has no use and more and more coins are coming onto the market, which is absolutely negative if the market capitalization remains the same.

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