The truth is that Dogecoin had a weak 2023 and this is certainly because it produced a strong bullish wave in 2022 that was completely out of character with the rest of the market. It moved first but the entire 2023 ended as a consolidation year.
One thing we can tell from this chart and the action that has been happening in the past 16 months... Dogecoin buyers/insiders are in no hurry, they are taking their time before trying to push this project into a bullish phase.
In the past, I would expect growth "just because." I would expect action just because nothing had happened in a long time; Just because the rest of the market is moving; Just because I wanted to see it grow. The truth is that we have to wait for the signals or actual action to start just because the market does not care about our predictions, our projections nor our hopes.
If a pair is doing badly, we have to accept it and move on. Others are moving strong, we look at those.
We will continue to track the chart and once it starts moving, we look at it but because we have proof not because we expect it to do so.
Hold on. What I am trying to say is that the chart looks weak and it can continue like this for months. In fact, it can do a classic and become boring for so long that we eventually give up, once we give up completely then, only then; Dogecoin decides to grow.
The bearish potential remains active based on the lower high. It can take months for this correction to fully develop.
Once the correction hits all the major Altcoins and Bitcoin as well, Dogecoin can do something different because two years ago it moved first. Meanwhile, we follow the chart and the chart is saying, "Stay away!"