|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Dogecoin (DOGE) Price Prediction: FUD Sentiment Persists, Market-Wide Selloff Sends DOGE Lower
Sep 11, 2024 at 09:55 pm
Fear Uncertainty and Doubt (FUD) sentiment persists in the global cryptocurrency market, and that sent Dogecoin price lower on Wednesday
Dogecoin price dropped on Wednesday in line with a risk-off sentiment in the global cryptocurrency market, although the meme coin price enjoyed a partial recovery from earlier lows.
Dogecoin price lower, but market sell-off provides support
DOGE/USD price dropped another 2.1 percent on Wednesday, bringing losses for the week to about 3.5 percent. The meme coin price dropped to lows of $0.0964 over the past 24 hours. At the time of writing, however cent recovered from those lows to trade at 0.1005.
The broader cryptocurrency market capitalisation slid further below the $2 Trillion mark on Wednesday, adding to losses of about $300 billion from earlier highs of the week. Meanwhile, the CoinMarketCap Fear and Greed Index reading shifted further left to read 32, signaling that fear prevailed in the market.
Dogecoin price dropped sharply from earlier highs of $0.14 seen in April 2023. A technical analysis of the meme coin on the daily chart showed that the 50-EMA price action enjoyed a bullish crossover of the 20-EMA reading, signaling recent bullish momentum.
However, a further analysis showed that the meme coin price dropped below the 50-simple moving average (SMA) reading on the four-hour chart, suggesting that bearish pressure could slow down the recent bullish momentum.
On the other hand, the meme coin enjoyed gains of about 4.5 percent on the weekly chart, signaling recent bullishness that could provide support for the price floor. Notably, the good news is that the current decline is not specific to DOGE/USD, but rather a market-wide selloff. That provides confidence of a potential recovery for the meme coin alongside the rest of the market, especially if Bitcoin price returns above the $60k mark.
Much may depend on Dogecoin’s ability to stay above the psychological $0.1000 mark in the near-term. Also, market sentiment surrounding the US economy will play a major role in injecting confidence in the crypto market. However, that will have to wait for next week’s interest rate pronouncement by the Federal Reserve.
The cryptocurrency market has, in recent weeks, shown a tighter correlation with the mainstream assets markets such as stocks and commodities. Furthermore, the era of thousands of meme coins minted on platforms like SunPump and Pump.Fun has raised the pressure on OG meme coins like Dogecoin and Shiba Inu.
DOGE coin price outlook
Our outlook for Dogecoin price is bearish if resistance persists at 0.1015. With the sellers in control, initial support will likely be at 0.0999, but extended control could enable a breach of that mark to send the price lower to test 0.0985.
Alternatively, moving above 0.1015 will signal the onset of bullish control, with initial resistance likely to be at 0.1030. However, if the bulls break past that mark, it will invalidate the downside narrative and potentially strengthen the upside momentum to test 0.1045.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Solana (SOL) Forms Lower Highs, Struggles to Break Key Resistance Levels as Bullish Momentum Fades
- Sep 24, 2024 at 10:50 am
- The once-strong bullish sentiment surrounding Solana is starting to fade as it forms lower highs and struggles to break through key resistance levels.
-
- Celestia Foundation Raises $100M as Its TIA Token Falls 54%
- Sep 24, 2024 at 10:50 am
- The news comes as as Celestia's native token, TIA, had fallen 54% since the beginning of 2024.
-
- Solana Continues to Solidify Its Position as a Hub for Decentralized Finance (DeFi)
- Sep 24, 2024 at 10:50 am
- The Solana blockchain continues solidifying its position as a hub for decentralized finance (DeFi). The network recently unveiled several major partnerships and developments at its 2024 Breakpoint Conference in Singapore.
-
- DeFi exploits: Bankroll is reportedly drained of $230,000
- Sep 24, 2024 at 10:20 am
- According to a Sept. 23 X post from blockchain security platform TenArmor, a hacker attacked the decentralized finance protocol Bankroll Network on Sept. 22
-
- Polymarket Eyes $50M Token Sale After Raising $45M Series B From Founders Fund, 1confirmation
- Sep 24, 2024 at 10:20 am
- Polymarket is reportedly in talks to raise over $50 million in new funding, which is likely tied to a potential token launch, first reported by The Information.
-
- Blum Daily Video Codes for September 24 and How to Use Them
- Sep 24, 2024 at 10:20 am
- Blum users have a daily opportunity to collect extra Blum Points (BPs) using video codes. Moreover, these points can be redeemed for in-app rewards.
-
- Claim Your $RADAR Airdrop Before Time Runs Out!
- Sep 24, 2024 at 10:10 am
- $RADAR Airdrop Alert: 40 Millions Tokens For Adopters
-
- Claiming Titans: Dominate the $KCS Airdrop Scene
- Sep 24, 2024 at 10:10 am
- $KCS Program Airdrop Claim TRON Degen
-
- Bitcoin and Ether Thrive as AI-Driven Token Sector Surges After Fed Rate Cut
- Sep 24, 2024 at 08:15 am
- Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, were thriving on Monday morning, buoyed by the U.S. Federal Reserve's recent interest rate cut.