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Should you buy the Dogecoin dip?

Dogecoin value crashed laborious in 2022 because the hype surrounding the coin eases. The coin, which got here from nowhere to grow to be a top-ten cryptocurrency, has crashed by a whopping 63% this yr alone, giving it a market cap of over $8 billion. On this article, we are going to clarify why the DOGE value crashed and whether or not you can purchase the dip.

Why has DOGE crashed?

Dogecoin is a cryptocurrency that was began in 2014 to grow to be a viable various to Bitcoin and Litecoin. For years, it was an unknown cryptocurrency whose value moved sideways.

This modified in 2021 after Elon Musk, the richest particular person on the earth, grew to become its greatest promoter. Due to his affect within the monetary market, Musk managed to push the coin to an all-time excessive of $0.7532 in Might 2021.

Since then, Dogecoin value has been in a robust bearish pattern as demand waned. Certainly, its value has collapsed by greater than 90% from its highest degree on file. 

First, the sell-off occurred in sync with the efficiency of different cryptocurrencies. Certainly, high cryptocurrencies like BTC and ETH have all fallen by greater than 50% this yr. The overall market cap of all cryptocurrencies has dropped to about $1 trillion.


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Purchase DOGE with eToro as we speak

Second, the hype surrounding Elon Musk has light this yr. For one, he has not despatched quite a few tweets on Dogecoin like he did earlier than. Even when he tweets, the response amongst market contributors has been comparatively muted of late.

Third, Dogecoin value has dropped due to the hawkish Federal Reserve. In a bid to combat the hovering inflation, the Federal Reserve has hiked rates of interest by 225 foundation factors this yr. It has additionally hinted that it’ll proceed climbing within the coming months.

Due to this fact, Dogecoin has crashed as a result of dangerous property are likely to fall in a interval of high-interest charges. Certainly, shares and key commodities like gold and silver have additionally declined.

Dogecoin value prediction

The weekly chart reveals that DOGE value has been in a robust bearish pattern these days. Alongside the way in which, the 50-week and 100-week shifting averages have made a bearish crossover, which is a bit dangerous. On the identical time, the Superior Oscillator has remained beneath the impartial level. 

Notably. Dogecoin has additionally shaped a falling wedge sample, which is often a bullish signal. Due to this fact, there’s a probability that DOGE will resume the bullish pattern after the wedge reaches its confluence zone. This might see it drop to the important thing assist degree at $0.020 earlier than bouncing again.

by way of Cointojournal

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