Dogecoin (DOGE) had an explosive breakout in early March following on the heels of Bitcoin’s (BTC) rally. While BTC hit a new all-time high, DOGE entered the top 10 cryptocurrencies by market cap.
The March momentum seems to be dying out. DOGE has faced a significant price correction over the last few days. The dogcoin is down by 12.8% in the weekly charts, 22.5% in the 144-day charts, and more than 26% over the previous month.
Also Read: Are Investors Giving up on Dogecoin & Shiba Inu Amidst Major Drop?
DOGE’s latest dip is likely due to Bitcoin falling below $64,000. The original crypto has fallen by 3.7% in the last 24 hours and by 4.8% in the last week. BTC’s decline, meanwhile, is likely because of miners capitulating. The price of mining one BTC breached the $86,000 level earlier this week. Miners have begun selling their holdings as a result.
Will Dogecoin recover this weekend?
Researchers at CoinCodex predict BTC to reclaim the $69,000 level this Sunday, June 23, 2024. If BTC rebounds, other assets may follow its trajectory. The platform does not paint a similar picture for DOGE. CoinCodex research shows that DOGE could slide down to $0.1241 on Sunday, 2024, a drop of about 0.16% from current levels.
Also Read: Cardano Founder Says Elon Musk May Hold 20% of Dogecoin Supply
Changelly also anticipates Dogecoin’s price to decline over the next few days, falling to $0.10 by early July.
According to crypto analysis firm Santiment, “Crowd sentiment has dropped significantly” for DOGE. The platform also says that FOMO is at its lowest this year.
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