Our Dogecoin price prediction is getting bearish once again as the price has broken below the symmetrical wedge. Furthermore, the inverse head & shoulders pattern also remains incomplete as the price has failed to break out of the downtrend. At the time of writing, the DOGE coin price is trading at $0.06, after losing 0.57% during Wednesday’s trading session.
Cryptocurrency prices plummeted after the release of the CPI report. The report measured the YoY inflation at 9.1%, which was higher than the expected figure of 8.9%. This put US inflation at its highest in four decades. As a result, analysts are predicting high volatility to persist for the rest of the day.
Dogecoin price also hit after the inflation numbers released as the memecoin fell from $0.062 to $0.058 within minutes. However, the price has started to recover and now trading at $0.06. The long-term Dogecoin price prediction depends on the global economy, which has been in turmoil since the start of the year.
According to Dogecoin news, it is currently the 10th biggest cryptocurrency with a market cap of $8 billion. This also makes it the biggest memecoin. The major factor behind the success of Dogecoin is the Doge meme. Therefore, if you’ve just learned about Dogecoin and want to be a part of the DOGE family, then the best place to buy Dogecoin is Binance Exchange.
Technical analysis of the Dogecoin price chart depicts that its price action formed a falling wedge which eventually broke down. The measured move of this breakdown could potentially tank the price by another 40%. This means the DOGE price might dip to the $0.036 level in the coming weeks. This would be a nightmare for the bulls as the top ‘dogcoin’ is already 91.7% down from its all-time high.
The DOGE price needs to reclaim the $0.08 level for a proper bullish reversal. However, this seems quite unlikely as the Bitcoin price is struggling to break above $20,000. As most altcoins follow the BTC price action, any Dogecoin price prediction depends on the recovery in Bitcoin price. If Bitcoin price dips to fresh lows, the same could be expected from Dogecoin.
This post was last modified on %s = human-readable time difference 08:48