Dogecoin Price Drop: Analysts Predict New Heights Despite Bearish Zone

Dogecoin (DOGE), a popular meme coin in the cryptocurrency space, has been trading in a bearish zone, with its price dropping by 47% from the projected mark in 2024. Despite this, analysts argue that several determining factors could push the coin's price to new heights. As of February 19th, DOGE is trading at $0.2537, with a market cap of slightly over $37 billion.

One of the key factors driving the potential increase in DOGE's price is the proposed DOGE dividend. The proposal includes a stimulus check of $5,000 for American citizens unaffected by the COVID-19 economic downturn. These funds would be distributed by the Government Efficiency Department, headed by Elon Musk. Additionally, US Treasury Security Scott Bessent claims that DOGE has the potential to save the government up to $50 million. However, a report released by Bloomberg suggests that the actual savings could be closer to $16 million. Musk, on the other hand, believes that the total savings could reach up to $2 trillion over time, which could compel the government to recognize DOGE's performance and value addition.

Another determining factor that could spike the price of DOGE is the approval of a DOGE ETF. These factors could play a crucial role in pushing the price higher, despite the current market volatility. Historical data shows that DOGE has already retested the key support at $0.2287. Bitcoin (BTC) is currently in the fourth phase of the Elliott Wave formation and is expected to enter the fifth wave, potentially pushing the price of DOGE to a record high of $0.7477, around 195% above the current level. As these determining factors come into play, the price of DOGE reflects their influence.