The Dogecoin price seems to be in the grip of a constant and continuous decline. Although there was a recovery of sorts from the June 21 low of $0.19, the price has been on a consistent downturn and has now reached the $0.20-$0.21 levels once again. There seems to be no end to the drop as buyers appear to have deserted the dog meme coin. If you’re interested in buying some Doge you could try this out.
The price has continued on a downward spiral ever since 30th June where it lost around 20% of its value over the past 9 days. At present, a drop below the $0.20 mark seems to be a distinct possibility and a sell off would ensue, pushing the price further down. There may be a reversal of this trend if bulls enter the market again smelling a good discount to begin stocking up again.
Another issue that has affected the Dogecoin price in a negative way is the launch of Baby Dogecoin. Although this is a small and very limited cryptocurrency, the fact that Elon Musk is backing it takes off some of the lustre of the original Dogecoin. It has taken away the hype behind Dogecoin which is even being called a scam in some quarters. All this FUD is having a significant effect on the DogeCoin price.
Short Term Price Forecast For Dogecoin: Spiralling Down Or Reversing?
With the Dogecoin price declining by almost 20% over the past 9 days, it does seem that the dog-themed crypto is on its way down. Admittedly, the vast majority of cryptocurrencies have seen a decline lately but Doge has been the one that slipped the most. Dogecoin’s market cap has also careened downwards from a high of $95 billion in late April to $25 million now – a fall of almost 75%.
However, there does seem to be a sort of reversal on the cards as the price suddenly made a beeline upwards over the past 4 hours. The price has climbed to the $0.228 level or an 8% increase which is encouraging. Considering that Dogecoin has been caught in a consistent downward trend this positive development is welcome. There are a number of cryptocurrency brokers that offer Dogecoin and you could try some of these out.
If the DogeCoin price continues to hold above the $0.22 level then it would be in a good position to start another leg up to the $0.25 mark. After that it could well begin an assault on the $0.30 level, a price last seen more than a month ago.
The Future For Doge: Light Or Dark?
Although there has been a bearish trend enveloping the Dogecoin price for a number of days, there could well be a reversal if the current trend holds. The 8% bounce off the $0.21 level is encouraging and could also see further gains in the coming days. Tweets from Elon Musk could affect the price and the impact of Baby Dogecoin is still around. All in all, it will be an intriguing few weeks for the dog-themed cryptocurrency.
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Gerald Fenech
