Dogecoin price is in consolidation mode as investors wait for a new catalyst. DOGE is trading at $ 0.1927, about 75% below its all-time high. The coin has a market value of over $ 25 billion and is the eighth largest cryptocurrency in the world.
Dogecoin News. Dogecoin has been struggling recently as demand for the coin plummeted. The overall volume of cryptocurrencies traded on popular exchanges such as Binance, Huobi, and FTX has declined by over 40% in recent months. This drop is partly due to the general weakness of coins after their prices soared in May.
Additionally, DOGE has declined due to the global regulatory review of cryptocurrencies. Regulators in countries like the United States have stepped up their oversight in the wake of the giant hacks that have occurred recently.
Additionally, the play struggled due to the general silence of Elon Musk, the second richest person on the planet. Although he has expressed his support for Dogecoin and Baby Dogecoin, his recent comments have not moved the currency.
Dogecoin is also in trouble due to the higher headline inflation rate in the United States and fears that the Fed will step in by raising interest rates.
Dogecoin Price Predictions
The Dogecoin price has been struggling lately. It is down more than 75% from its all-time high. A closer look at the daily chart reveals that the coin is leveling near the upper side of the descending channel. He also formed what looks like a bullish flag pattern which is shown in blue. On the other hand, it fell below the 200 and 50 day exponential moving averages (EMA).
Therefore, the coin is likely to rebound in the next few weeks. If this happens, the next key resistance level will be $ 0.30. The alternate scenario is where the coin drops to the bottom of the bullish flag.
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