During the Christmas holiday, Dogecoin's performance was lukewarm, with a 24-hour decline hovering around 1%. However, some voices in the market believe that DOGE might be brewing a significant rebound, and there are even charts showing that if the past trend repeats itself, breaking through $1 could be possible.

But the reality is that hot money has all shifted to chasing new meme coins like Pippin and MemeCore. Established assets like DOGE are becoming marginalized, with a decline of over 60% this year.

Interestingly, the familiar descending triangle has reappeared on DOGE's daily chart—this was the pattern at the beginning of last year, which later triggered a surge. If history repeats this time, the balanced volume indicator will rise rapidly as the price breaks through the triangle's upper boundary. How did the price soar from $0.10 to $0.45 before? If the same story plays out again, reaching $1 might not be just a dream.

The problem is that the short-term technical outlook remains bearish. Trading has been quiet during these Christmas days, with Dogecoin's trading volume down about 25%, accounting for only 3% of its circulating market cap. The price has already broken below the $0.13 support line, with the next target around $0.09—implying a further 31% downside potential. The RSI indicator, along with the 14-day moving average and the midline of 50, are all still below their respective levels, indicating that the bearish momentum still dominates.

This tug-of-war between short-term and long-term continues. Either wait patiently for the descending triangle pattern to be confirmed; or enter early, betting on a technical rebound.