Dogecoin Deviates From Established Bullish Trends

CryptoRank data shows that Dogecoin is deviating from the historical bullish trend in the 2021 bull run. The foremost meme coin has started the year with a bearish trend

Dogecoin has started this year with a bearish trend, suffering significant crashes since January. In January, the meme coin closed the month with a meager 4% gain. However, its price has nosedived since the start of February, notching up a 20% loss.

This is a far cry from the bullish run that Dogecoin enjoyed at the start of 2021. Back then, DOGE recorded a 711% gain in January and followed it up with a 26% gain in February. The meme coin closed the first four months of 2021 in the green, notching up gains of 11% and 546% in March and April, respectively.

But this 2025 bull run is playing out differently, especially with Dogecoin suffering a 20% loss this month and looking likely to close the month in the red. A monthly close in the red could invalidate similarities between the 2021 and 2025 bull runs and raise concerns about how this market cycle could play out.

However, the historical trend in the 2017 bull run provides some optimism amid Dogecoin’s current price action in this bull run. In 2017, the meme coin started the year in the red, with a monthly loss of 7% and 2% in January and February, respectively. But DOGE went on a bull run the following three months, recording a gain of 59%, 124%, and 256% in March, April, and May, respectively.

DOGE still at risk of further crashes in the short term

Meanwhile, crypto analyst Ali Martinez has suggested that Dogecoin is still at risk of further price crashes in the short term.

In an X post, the analyst revealed that DOGE just saw a death cross between the market value to realized value (MVRV) and its 200-day moving average (MA). He added that the last two times this happened, prices dropped 26% and 44%.

At the time of writing, the Dogecoin price is trading at around $0.26, down over 3% in the last 24 hours, according to data from CoinMarketCap.