Dogecoin (DOGE) Struggles to Maintain Its Position Among Top Cryptocurrencies, Future Seems Uncertain

Dogecoin's price has taken a nosedive, shaking its position among top cryptocurrencies. Given the bearish market condition, Dogecoin's future seems uncertain.

Dogecoin’s (CRYPTO: DOGE) market position has weakened as it has slipped to the 9th largest cryptocurrency by market capitalization, according to CoinMarketCap data.

Toncoin has pushed Dogecoin down a spot, with the dog-themed cryptocurrency now boasting a market cap of $17.6 billion, ranking 9th.

Meanwhile, Dogecoin’s price has fallen more than 26% over the last 30 days and is down 2.8% over the last seven days, trading at $0.1217. This marks Dogecoin’s worst three-month performance.

Dogecoin has been trading sideways since mid-June, suggesting a close battle between buyers and sellers.

“It’s spent ~9.5 years of its existence trending sideways or down,” Kaloe said, adding that “Each of those respective moves took ~8-9 months after the halving before they began to pump.”

However, Kaloe’s analysis suggests that, based on historical patterns, there is a possibility of a remaining time left to prepare for another price increase.

“History just says we most likely have a little bit of time left to prep for it before it happens,” Kaloe said.

Another analyst believes that Dogecoin (DOGE) might soon increase to the breakout target of $0.6533, marking a 404% price increase. However, this forecast remains speculation as the crypto market is highly volatile.

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