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 marks the first time DOGE has recorded a Q1 loss in three years. In 2023, the foremost meme coin enjoyed a gain of almost 10%, and in 2024, it saw an astonishing increase of 147%.
Market participants started the year with high hopes for Dogecoin, expecting it to peak during its bull run. Yet, January closed with a modest gain of just 4%. In February, however, the situation deteriorated, as DOGE closed with a drastic loss of 38.5%. This month has not brought any respite, with a further loss of 17.5% recorded.
It is noteworthy that 2018 is the only previous instance where Dogecoin recorded a worse Q1 loss, which stood at 68.8%. Based on this history, there is a possibility that DOGE may mirror the price actions of 2018, with expectations for a Q2 loss following this trend, similar to the past. However, a silver lining could emerge if Q3 follows suit, as in 2018.
In 2018, Dogecoin experienced a remarkable gain of 138% in Q3, rebounding from losses of 68.8% and 11.5% in Q1 and Q2, respectively. A similar performance in Q3 this year could potentially mitigate DOGE’s first-quarter losses and any expected losses in Q2. However, aligning with the 2018 trend, this Q3 rally would represent the peak of its bull run this year.
DOGE Holding Above Lower Boundary Of Ascending Channel
In an X post, crypto analyst Ali Martinez pointed out that Dogecoin continues to remain above the lower boundary of an ascending channel. He noted that an increase in demand at this current level could propel a rally towards the mid or upper range, with his chart indicating the mid-range at $4 and the upper range above $7.
Additionally, crypto analyst Trader Tardigrade suggested that Dogecoin might have identified its bottom during the recent market downturn. He mentioned that DOGE could emulate the fractals from September 2024, potentially leading to a bullish reversal for the meme coin. Another analyst, Mater Kenobi, also referenced the price action of September 2024, predicting a breakout for DOGE similar to past performance.
As of now, Dogecoin is trading around $0.165, reflecting a decline of over 3% in the last 24 hours, as per data from CoinMarketCap.
