Dogecoin (DOGE) Weekend Price Prediction
While BTC hit a new all-time high, Dogecoin (DOGE) has now entered the top 10 cryptocurrencies by market cap. DOGE experienced a significant breakout in early March, riding on the Bitcoin (BTC) rally's momentum. However, March's fervor seems to be waning, with DOGE facing a notable price correction over the past few days.
DOGE Price Correction
- Weekly charts: Down by 12.8%
- 144-day charts: Down by 22.5%
- Previous month: Dropped more than 26%
The latest dip for DOGE is likely linked to Bitcoin falling below $64,000. Bitcoin itself has declined by 3.7% in the last 24 hours and 4.8% over the past week. This drop is attributed to miners capitulating as the cost of mining one BTC surged to $86,000 earlier this week, prompting miners to sell their holdings.
Will Dogecoin Recover This Weekend?
CoinCodex researchers predict that BTC will reclaim the $69,000 level this Sunday, June 23, 2024. If BTC rebounds, other assets may follow. However, they do not hold a similar optimistic view for DOGE. Their analysis suggests that DOGE could slide down to $0.1241 on Sunday, 2024, representing a minor drop of about 0.16% from current levels.
Changelly's Prediction
Changelly also forecasts a decline in Dogecoin's price over the next few days, expecting it to fall to $0.10 by early July.
Sentiment from Crypto Analysis Firms
Santiment, a crypto analysis firm, notes that "crowd sentiment has dropped significantly" for DOGE. The platform also mentions that FOMO (Fear of Missing Out) is at its lowest point this year for the cryptocurrency.
Conclusion
While BTC might see a rebound this weekend, leading to potential upticks in other crypto assets, DOGE seems to be on a continuous decline according to current predictions. The bearish sentiment and lower FOMO levels further reinforce this outlook. Households considering investing in DOGE might want to keep an eye on these predictions and market trends before making any decisions.
