Dogecoin Price Prediction: The cryptocurrency realm faced a significant crash after enduring long periods of consolidation. In a single day, the average crypto witnessed a 6% decrease, dragging the market cap to approximately $1 trillion. Intriguingly, amidst this turmoil, Dogecoin increased by 1.04% over the last day, registering a current price of $0.063. So, is there a chance Dogecoin might plummet to $0.010?
Why are Cryptos Crashing?
Earlier, we explored numerous macroeconomic factors influencing cryptocurrency valuations. But the recent revelation that a “Whale” — specifically Elon Musk’s entities — offloaded their Bitcoin holdings worth millions, has exacerbated the downturn and substantiated the crash.
Dogecoin Price Analysis: Why is Dogecoin Rising Amidst the Crash?
While the broader crypto market reeled, Dogecoin showcased resilience, inching up to $0.063. This ascent brought about a 24-hour performance gain of 1.04%, though the 7-day performance recorded a decline of 17.26%. Originally set on an upward trajectory, the widespread downturn momentarily sidetracked Dogecoin’s bullish run.
Dogecoin Price Prediction: Will Dogecoin Plunge to $0.010?
Peering into impending bearish zones, one should pinpoint upcoming support levels. Specifically for Dogecoin price prediction, potential bearish targets could be:
- Target 1: $0.060
- Target 2: $0.050
- Target 3: $0.035
Will Dogecoin Price Bounce Back?
The crypto space’s prevalent nosedive raises doubts regarding Dogecoin’s potential rebound. For any recovery, the market sentiment needs to shift positively, pushing investors back into acquisition mode. Historically, a couple of days post-crash have often seen short-term traders capitalize on lowered prices.