Dogecoin (DOGE) Struggles as the Cryptocurrency Market Faces Heavy Turmoil

Dogecoin (DOGE) has fallen below $0.20, reflecting broader market struggles. In the past 24 hours, it has dropped 8.3%, with a 17.9% loss

Dogecoin price has struggled heavily as the cryptocurrency market faces heavy turmoil. Bitcoin price fell below $80,000, pulling the broader market lower.

In the past 24 hours, the global crypto market cap dropped 4.8% to $2.71 trillion. Altcoins took a hit, with Dogecoin (DOGE) among the worst affected.

Dogecoin price has suffered a steep decline, reflecting broader market struggles. In the past 24 hours, it dropped 8.3%, and its price today is $0.1603.

Over the past week, Dogecoin price fell 17.9%. The downturn extends further, with a 24.3% decline over both the last 14 days and the past month. Since March 2024, DOGE fell 6.2%.

Macroeconomic concerns added pressure, with rising tensions between the U.S. and the European Union (EU) fueling uncertainty in the market.

The U.S. has announced new tariffs on EU goods. The EU has vowed to respond in kind. The back-and-forth between economic giants made investors nervous. Crypto, a traditionally risky asset class, suffered as traders fled to safer investments.

DOGE, a favorite among retail investors, has felt the pressure. The coin’s price trajectory mirrors the broader market’s struggles.

Despite the downturn, positive news has surfaced. The U.S. announced plans to create a Bitcoin reserve and digital asset stockpile. This move signals growing institutional confidence in crypto.

While DOGE is not directly impacted, the development could boost sentiment. If major governments start accumulating crypto, it could strengthen long-term prospects for the entire industry.

Dogecoin Price Prediction: Can It Hit $0.60?

According to analysts at CoinCodex, we can expect a massive Dogecoin rally. The platform's predictions forecast that DOGE will surge to $0.604066 by April 6. This would mark a significant 300% increase from its current price.

However, the rally might be short-lived. As CoinCodex further notes, Dogecoin may struggle to maintain a price above $0.60. Their analysis suggests that a price correction could follow this price spike.

This optimistic scenario comes despite the challenges that remain. Macroeconomic factors, such as the potential for increased inflation and interest rate concerns, could act as a drag on any potential recovery.

Moreover, the ongoing trade war between major world powers continues to weigh on investor sentiment, making a rebound in the market less likely. Additionally, Dogecoin's historical volatility adds another layer of unpredictability, as its price has been known to change rapidly, making it difficult to identify clear long-term trends.

The road ahead for Dogecoin appears to be filled with hurdles. The global trade war has spooked investors, leading to a sharp decline in the market.

While some analysts predict a major rally, macroeconomic pressures might limit its upside potential. For the crypto market to truly recover, a stabilized global economy is needed.