Dogecoin’s Outlook in Upbeat Crypto Market with Bitcoin Over $71000
Release: 2024/04/09 06:08 Reading: 700
Cryptocurrencies, led by Bitcoin’s surge past $71,000, are experiencing overall growth. Nonetheless, Dogecoin, the leading meme coin, indicates potential decline, with projections of a 40% loss. In light of these shifts, what are the current forecasts for Dogecoin?
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Cryptocurrencies are generally trending positively, with Bitcoin once again exceeding the expected $71,000 mark. However, there are concerns regarding the market’s leading meme coin, which indicates a possible downturn, with prices potentially decreasing by approximately 40%. Amidst this scenario, what are the current predictions for Dogecoin?
Dogecoin Outlook Amidst Market Uncertainty
The oldest and largest meme coin by market value, DOGE, showed promising performance but struggled to surpass the $0.23 mark, facing losses alongside Bitcoin’s price fluctuations. Additionally, upcoming US inflation data expected on Wednesday adds to market uncertainty.
Over the past two months, the Federal Reserve hasn’t prioritized data seriously, but if inflation persists, there’s potential reconsideration for a 75 basis point annual reduction. The current cautiousness in the market is somewhat linked to the optimism bubble surrounding interest rates.
Despite signs of an uptrend in Dogecoin’s price on the 8-hour chart, a closer examination reveals an increasing risk of decline. Extended candlesticks are forming a bearish pattern. Furthermore, Dogecoin investors’ 30-day profit rate sits at 9.2%, historically triggering price corrections when the 30-day MVRV ratio ranges between 8% and 18%, potentially making bulls hesitant to maintain support levels.
Assessing Dogecoin’s Potential Amidst Market Volatility
Another critical aspect to consider is the percentage of investor profitability, which currently stands around 90%. Historically, when this figure approaches 95%, it often precedes price declines. At the time of writing, Dogecoin is priced at $0.206, showing a modest increase of 1.7% for the day.
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Dogecoin’s price is currently confined within a falling wedge pattern, typically indicating a downward trajectory. According to this pattern, the target for Dogecoin’s price could be approximately 40% below the current level, around the $0.127 area. However, if bulls successfully break through the resistance of this formation and close above it, bearish predictions might be invalidated, potentially leading to a surge above $0.22.
Also Read: Cardano Price Potential: Repeating 2021 Surge
In an optimistic scenario, Dogecoin’s price could aim for levels around $0.24 and $0.27. Nevertheless, it’s essential to acknowledge the unpredictability of cryptocurrencies, reminding investors to exercise caution. At the time of writing, Bitcoin is priced at $71,664.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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