您现在的位置是:Dogecoin prediction as most altcoins sink amid bearish pressure >>正文
Dogecoin prediction as most altcoins sink amid bearish pressure
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛34人已围观
简介Dogecoin’s DOGE is down 4% in 24 hoursMost cryptocurrencies are falling ahead of inflation dat...
Dogecoin’s DOGE is down 4% in 24 hours
Most cryptocurrencies are falling ahead of inflation data on Wednesday
DOGE could touch the $0.05 bottom if the current weakness persists
Dogecoin’s DOGE/USD trades at $0.0645. The price is a drop of more than 4% in 24 hours as most cryptocurrencies fell on Monday. DOGE now risks crashing back to the $0.05 bottom if the current weak sentiment prevails.
The price of Dogecoin has historically been fueled by social media mentions and listings. The cryptocurrency is labeled a meme coin owing to its reactions to influencer mentions. Elon Musk, the Tesla CEO, has been influential for the token. Recently, speculations were that Twitter would allow DOGE payments once acquired by Musk. With the acquisition now in doubt, DOGE users could be coiling back after a not-so-good crypto sentiment.
Dogecoin’s weakness is also stemming from the overall decline in cryptocurrencies. As of the time of writing, Bitcoin and Ethereum had fallen by more than 3%. The weakness could be reflecting concerns about tighter policy by the Federal Reserve. An inflation data expected on Wednesday is expected to be a turning point for cryptocurrencies. A high inflation jump could fuel a faster action by the central bank and lead to a further drop in cryptocurrencies.
DOGE falls below a short-term moving average
Source – TradingView
Technically, DOGE is bearish. The price fell below the 14-day and 21-day moving averages, affirming the bearish pressure. The price is yet to enter the oversold level as the meme coin attracted buyers recently. The price could continue falling to find the previous support at $0.05.
Concluding thoughts
Investors should not buy DOGE now as the price is under bear control. The price could rise if sentiment improves, but before then, it could touch the $0.05 bottom. The inflation data on Wednesday is a key event to watch.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/54594.html
相关文章
ADA price jumps 25% on Coinbase Pro listing
Dogecoin prediction as most altcoins sink amid bearish pressureCardano’s price increased by over 25% to see it move above Binance Coin as the 3rd most valuab...
阅读更多
Chancer Platform Releases Product Teaser as Presale Rockets Past $1.7M
Dogecoin prediction as most altcoins sink amid bearish pressureLondon, United Kingdom, September 12th, 2023, ChainwireChancer has released their first product upda...
阅读更多
Grayscale files to convert its Ethereum Trust into a spot Ethereum ETF
Dogecoin prediction as most altcoins sink amid bearish pressureGrayscale is seeking for SEC’s approval to convert its Ethereum Trust to an Ethereum ETF.Grays...
阅读更多