Dogecoin has seen a significant correction within the last 24 hour. In the daily charts, Dogecoin (DOGE) is down 7.1% amid a wider market correction. DOGE, despite the recent dip, is still up by 13.2% on the weekly charts and 17.6% on the 14-day chart. It’s also up 8.7% from the month before, as well as 60.7% in total since July 2024.
When Should you buy Dogecoin Dip?
Over the past few days, there has been a huge upswing in cryptocurrency. Bitcoin (BTC), the original cryptocurrency, recently reached an all-time record of $122,838. The initial crypto is now at $116,000, down from the previous high of $122,838.
DOGE’s rally may have been fuelled by BTC’s recent surge. BTC’s rise, however, could have been a result of increased institutional investments in the last few month. BTC ETFs continued to see inflows, even when the market was uncertain. The global geopolitical turmoil did not seem bother the large financial institutions.
It is possible that this dip could continue over the next couple of days. Investors might be taking profit. BTC has been steadily declining since July 14, when it peaked. Over the next couple of days, it’s possible to see more declines in BTC. Dogecoin’s (DOGE), too, may follow the same trajectory.
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The strategy of buying the dips is one that works. It can be challenging to time the market correctly. This cycle, the crypto market did not see a large amount of participation from retail investors. Investors have not yet recovered their trust. DOGE, and possibly other assets have been affected by the absence of retail investors. BTC seems to be the only cryptocurrency that is hitting new highs during this bull market. The performance of the other crypto currencies is therefore difficult to predict.
Federal Reserve also decided that interest rates would remain unchanged. Retail players may be more frightened by the Fed’s announcement. It remains to be seen how Dogecoin will behave over the next couple of weeks. Another correction is possible, but it has not been confirmed.
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Source: watcher.guru
