Sharp Movement from Dogecoin Should Make Investors Pay Attention

Dogecoin (DOGE) dropped 1.98% today to a price point of $0.1448 (DOGE/USD) and is still declining at press time.

Dogecoin might be the largest memecoin with a trade volume of $1 billion over the last 24 hours, but it could also be headed for a swift crash over the next few days.

The coin has turned down for the last month, losing 25% of its value. Even the recent upswing was not much of a help, because by the time it was over, Dogecoin ended up almost back where it started before the surge.

This coin is simply not gaining ground even when it looks like it is doing well. Recent weeks have shown a bearish trend that is not letting up, and the latest sharp downturn is bad news for investors. Things are getting worse for Dogecoin and not better.

When Might Dogecoin Improve?

Right now, investors will want to hold on tight and get ready to buy up Dogecoin when it hits the bottom. This long-tail downward trend is not the time to sell, but the coin may turn around in the coming weeks.

Some analysts predicted a major bullish trend about to start for the coin, but that was before today’s bad news. Now Dogecoin is plummeting, falling lower at this moment. Dogecoin has gained around 70% for the year, so it is still holding onto some of its 2024 gains, but the current performance is poor. We would suggest traders sit tight for a while and let the coin take its time to go bullish before cashing out.

As resilient as Dogecoin has been this year, despite high inflation, we do expect it to go positive in the coming weeks. What would be disastrous for it, though, is if investors were to start panic selling as the rate drops sharply.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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