• Dogecoin price declined by over 26% in the last season of 90 days, performing worst than the likes of Luna Classic and Huobi Token.
  • The last altcoin season was observed back in August - September 2022, when Bitcoin price fell by 23% in three weeks.
  • If DOGE falls any further below $0.067, the altcoin would become vulnerable to slipping to September 2022 lows.

Dogecoin has anchored the altcoins in terms of growth, as the meme coin itself has noted no growth over the last couple of months. The impact of this lack of rise on the market has been pretty significant when compared to the rest of the cryptocurrencies in the list.

Alt-season stands far away

Alt-season, put simply, is considered to have arrived when 75% of the top 50 altcoins happen to perform better than Bitcoin. This performance is measured over the period of one season, which constitutes 90 days. 

Although Bitcoin surpassed most of the altcoins on the list, a few of them ended up not only performing worse than Bitcoin but terribly in general. The leading cryptocurrency on that front is Dogecoin. 

Alt-season index 

Alt-season index 

Down by nearly 26% in the span of three months, Elon Musk’s favorite cryptocurrency has fallen behind the likes of Luna Classic (LUNC) and Huobi Token (HT). Both LUNC and HT declined by just 21% and 24%, respectively. This is despite LUNC being the token of a once-collapsed blockchain.

Performance of top 50 cryptocurrencies

Performance of top 50 cryptocurrencies

With Dogecoin pulling the altcoins down, the crypto market has descended into experiencing a Bitcoin season at the moment. The last altcoin season was observed from August to September 2022, when BTC happened to decline by more than 23% in the span of three weeks.

Where Dogecoin price stands right now

Dogecoin price can be seen trading at $0.072 at the time of writing. Despite having fallen about 25% over the last month, DOGE holds slightly above the 2023 opening price. Still, the meme coin is inching closer to the critical support level at $0.067, which also marks the year-to-date low. 

If DOGE falls through this support level, it will become vulnerable to falling right away to $0.057. These lows were last witnessed by Dogecoin holders back in September 2022, and such a plunge would result in a 20% crash.

The chances of the same seem likely since main Exponential Moving Averages (EMA) are acting as resistance levels. The Parabolic Stop and Reverse (SAR) indicator is also highlighting an active downtrend, evinced by the presence of the blue dots above the candlesticks.

DOGE/USD 1-day chart

DOGE/USD 1-day chart

But the Relative Strength Index (RSI) is nearing the oversold zone below the 30.0 mark. This area is historically known to trigger a trend reversal, which might result in a recovery in the Dogecoin price. 

However, in order to invalidate the bearish thesis, DOGE would need to rally by about 16% and breach the critical resistance at $0.082. This would allow the altcoin to eventually rise to the year-to-date highs of $0.095 and even tag the $0.100 mark.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai price has dropped nearly 45% since late March as broader markets started bleeding. FET bulls must defend $1.70 if they want to keep the upward thrust alive, signaling strength on the AI coin. A break and close below $1.59 would mean a lower low, invalidating the bullish reversal thesis.

More Fetch.ai News

OKX executives depart from exchange while its XLayer Chain goes live

OKX executives depart from exchange while its XLayer Chain goes live

Two senior executives at crypto exchange OKX, Tim Byun and Wei Lan, have left the company after years of heading key roles, according to a CoinDesk source. However, the company is making expansion moves through the launch of its own Layer 2 (L2) chain.

More Cryptocurrencies News

Traders eyeing long positions could have their rally soon as funding rates flip negative

Traders eyeing long positions could have their rally soon as funding rates flip negative

Bitcoin (BTC) price remains on a load-shedding exercise, a sentiment that has spilled over to the broader market. Nevertheless, the bleed seen across the cryptocurrency market could end soon amid possible shifting market sentiment.

More Cryptocurrencies News

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

In an X post on Tuesday, popular on-chain analyst @ZachXBT revealed key information that could lead to the potential apprehension of the attacker who hacked Prisma Finance on March 28.

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP