As the crypto market gradually loses the bullish steam, the Dogecoin (DOGE) price has approached the apex of a triangular consolidation formed in the past few days. In the past 24 hours, Dogecoin price dropped around 3 percent to trade at about $0.167 on Friday, March 21, during the early New York session.
The top-tier dog-themed memecoin, with a fully diluted valuation of about $24.8 billion and a 24-hour average trading volume of about $834 million, has been trapped in a falling trend since the second inauguration of U.S. President Donald Trump.
Furthermore, the demand for memecoin has significantly declined in the past few months triggered by notable web3 hacks and rugpulls.
What Next for Dogecoin Price
From a technical analysis standpoint, Dogecoin price has been retesting a crucial support level of a macro rising channel established in the past two years. In the four-hour time frame, Dogecoin price has been forming an ascending triangular pattern as the buyers and sellers struggle to establish dominance.
According to crypto analyst Ali Martinez, the Dogecoin price is on the cusp of a 16 percent drop towards the support level of around 14 cents. The bearish sentiment is supported by the fact that the Dogecoin price has depicted a positive correlation with Bitcoin in the recent past, and the latter has signaled further short-term bearish sentiment.
Fundamental Outlook
The Dogecoin ecosystem remains robust, backed by more than 6.1 million on-chain holders and dozens of global businesses that accept DOGE as a means of payment. The proof-of-work (PoW) secured memecoin has attracted more institutional investors following the unwavering support from tech billionaire Elon Musk, who named the U.S. government efficiency department after Dogecoin.
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