Dogecoin Dips 2.37%as Crypto Rally Abruptly Halts
Dogecoin could be preparing for a major bull wave soon, although the crypto market is in a small downturn.
Quick overview
- The cryptocurrency market experienced a significant slowdown on Tuesday, with Dogecoin dropping 2.37% in the last 24 hours.
- Despite a rally on Monday driven by positive economic news, major cryptocurrencies like Bitcoin and Ethereum also saw declines on Tuesday.
- Dogecoin's price has fluctuated between $0.17 and $0.20, raising hopes for a potential recovery if economic conditions remain favorable.
- Analysts suggest that Dogecoin may be on the verge of a third bull wave, similar to previous surges in 2017 and 2021-2022.
The cryptocurrency market was climbing quickly on Monday but has slowed dramatically as Tuesday trading continues, with Dogecoin dropping 2.37% over the last 24 hours.
Dogecoin (DOGE) is just one of the many cryptocurrency coins that is in decline for Tuesday. That coin dipped more than 2%, and Bitcoin (BTC) is down by 0.44% in midday trading. Ethereum (ETH) has lost 2.48% over the last 24 hours, and XRP (XRP) fell 0.99%. What has the crypto market suddenly turning in the other direction?
From Sunday to Monday, Bitcoin climbed from $111K to $115K. That helped promote a rally for the entire market, and the crypto market was doing well in part because of some strong economic factors like the trade agreements that had been made between the USA and several Asian countries. There was also the recent CPI report that showed that inflation was still rising but not as fast as many analysts feared it was.
Dogecoin Price Prediction and Recent Performance
Dogecoin was one of those many crypto tokens that climbed from Sunday to Monday on positive economic news, which was spurred partly by a stock market rally from the end of the previous week. DOGE started Sunday the 26th around $0.195. It climbed to $0.209 on Monday. That was the coin’s highest point since October 13th.
On Tuesday, the crypto market pulled back along with the stock market. The sky-high gains from the day before had not completely disappeared, but they were diminished. Dogecoin is now at $0.2009 and falling, along with much of the cryptocurrency market. Their decline is not steep, however, and there is hope that they will start to recover by the end of the day.
It is clear that Dogecoins has been low for months, having dropped from $0.415 late last year to its current level between $0.17 and $0.20. What investors should look for now is an indication that the coin can get back to its previous highs. The memecoin has been mostly stagnant when comparing its recent movement to that of late 2024. That could change, however, if the stock market continues to remain near record highs and economic reports continue to look positive.
Dogecoin could be ready for its third bull wave. The first one was back in 2017, and the second took place between 2021 and 2022. Looking at the coin’s history, it appears that a third bull wave may be coming, as much of its trajectory now is similar to where it was right before the previous two bull waves. If that is the case, then investors should be buying in at this low price point.
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