Dogecoin Price Prediction: Dogecoin Price Drops 5%, Is it Time to Buy the Dip?

Doge Price Prediction:

The price of Dogecoin has decreased 5% in the last 24 hours, to $0.070500, as the cryptocurrency market reacts negatively to rumours that the SEC has delayed all judgements on recent Bitcoin ETF applications.

DOGE is now down 7% in a week and 8% in a fortnight, with the meme token essentially flat at the beginning of the year, in contrast to many major cryptocurrencies (such as Bitcoin, Ethereum, and XRP), which have gained significantly since January 1.

DOGE’s underperformance, on the other hand, may place it in an undervalued position from which it may rally dramatically in the not-too-distant future, especially if predicted plans to bring cryptocurrency payments to Twitter are realized.

Dogecoin Price Prediction as DOGE Falls 5% in 24 Hours

There’s no denying that DOGE is in the midst of a massive selloff, which implies agony for anyone who purchased the meme token at recent highs, but also a solid profit potential for those eager to buy the dip.

DOGE’s relative strength index (purple) has now fallen below 30, indicating that the token has been oversold and may soon correct upwards.

At the same time, the cryptocurrency’s 30-day moving average (yellow) is poised to go below its 200-day moving average (blue), indicating that it’s not far from a bottom.

However, DOGE’s price smashed through its previous support level (green) yesterday, pushing it considerably lower, suggesting that a few more dips are in order before the meme token can make a rebound.

To be fair, DOGE isn’t the only token that has dropped in the last 24 hours, with the whole market being impacted by yesterday’s announcement that the SEC will postpone its judgement on Bitcoin ETFs.

The SEC has to decide today if Grayscale can convert GBTC into an ETF. However they can also delay the decision one more time for another 2 months. pic.twitter.com/iPueU4fwLi

— Guido Lange (@GuidoLange) August 15, 2023

Despite the fact that there is no reputable source for news, it has spread rapidly through social media, leading the market to shrink as a result.

I’m seeing comments on the fact that the SEC delays all Spot ETF applications for #Bitcoin.

I don’t see a source.

— Michaël van de Poppe (@CryptoMichNL) August 15, 2023

And it appears to have impacted DOGE more than many other big cryptocurrencies, with Bitcoin (BTC) falling by 0.8%.

One of Dogecoin’s greatest flaws right now is that it has nothing on the horizon other than the remote potential that Twitter will add cryptocurrency – and DOGE – payments one day.

Because there are no updates or new releases to look forward to, it appears that its price has been locked in a kind of semi-death spiral, with nothing keeping it from falling further, at least for the time being.

To stay informed about current events, please like our Facebook page https://www.facebook.com/BOLUrduNews/.

Follow us on Twitter https://twitter.com/bolnewsurdu01 and stay updated with the latest news.

Subscribe to our YouTube channel https://bit.ly/3Tv8a3P to watch news from Pakistan and around the world.

Also Read

BTC Price Prediction: Today’s Bitcoin Price, 16th Aug 2023

Bitcoin is a decentralized digital currency that was introduced in 2008 by...