DOGE is trading at $0.0645. This price is a drop of over 4 percent in 24 hours as many cryptos fell. It now has a risk of crashing back to the bottom of $0.05 if the present weak sentiment continues. Its prices got fuelled historically by mentions of social media along with listings. This crypto has been labeled one meme coin. It is because of its reactions to the mentions of influencers. The CEO of Tesla, Elon Musk has been very influential in this token. Off late there were speculations that Twitter will let DOGE payments once Musk acquires it. With such acquisition presently in doubt, users of DOGE could coil back after a not-so-great sentiment of crypto. Start investing in Bitcoin by knowing the Ultimate Future Of BTC.
The weakness of DOGE is stemming from the total decline in cryptos. Bitcoin and Ether fell by over 3 percent. This weakness may reflect concerns regarding stringent Federal Reserve policy. Inflation data is expected to be the turning point for cryptos. A very high inflation jump may be fuelling a quicker action by the central bank. It will lead to a drop in cryptos.
Fall of DOGE below a short-term moving average
Technically this token is bearish. Its price fell under the 14-day as well as a 21-day moving average. It affirmed the bearish pressure. DOGE’s price is yet to be a part of the oversold level as it recently allured buyers. Its price may continue to fall to find the past support at $0.05.
Price prediction of DOGE
The search for DOGE since the start of this year seems to have reduced a lot. Shiba Inu has also outperformed DOGE in such regard. DOGE searches are nearly 25-30. Shiba Inu maintains an average value of nearly 50. Yet with the current surge of price, SHIB search volume got smashed 100. But Dogecoin still stayed under 30. So it can be said that DOGE is losing all popularity to other assets. It may not be really good for the token in the coming days.
Will the price of DOGE hit $1 this year?
DOGE gained great attention from users for the very first time after surging over 800% in one day. With a huge rally of over 1100 percent, this asset marked its high in the middle of the huge altcoin season last year. Yet the upcoming plunge was very painful as the price of DOGE became weak by over 80 per cent. From then it tried a lot to gain its lost momentum.
Now the price of DOGE is following a steep channel downturn since the start of2022. It has formed steep lower highs along with lows. This volume plunged hugely. It dragged the volatility to very low levels. So in such scenarios, a huge change may occur only when this market sentiment will take an ideal U-turn. The price of DOGE may be trading around $0.5 by this year’s end with the present price fluctuations.
If the bullish trend increases within this space, then this asset may be attempting to create one new all-time price high. Yet $1 remains very much out of its reach. This is because a lot of people may get stuck with more than $0.55-$0.6. It may be tending to extract their investment very fast. On the other hand, if the control is again taken back by the bears, then the price of DOGE may go under $0.5 to end this annual trade.
The trend of the market is predicted to change in this year’s second half. Until then its price may be consolidating to more than $0.1. Then its price may be flipping the downward trend and rise high and hit $0.3 soon. It may jump more than $0.4. The price of DOGE may be attracting traders who may be uplifting its price by more than $0.5.
Conclusion
Investors should not be buying DOGE at this moment. This is because the price is below bear control. The price may rise if sentiment sees any improvement. But before that, it may touch the bottom at $0.05. The inflation data is a major event to look out for.
