Dogecoin is currently experiencing a massive price collapse. Original memecoin’s price has dropped by 4.9% on the daily charts. It also fell 1.6% weekly, 6.6% 14-day charts and 8.3% in comparison to the prior month. The correction has not affected the price. CoinGecko Dogecoin data The graph shows the price of DOGE has increased by over 100% since August 20,24.
Will Dogecoin price recover in September after the crash?
DOGE’s recent price correction occurs amid a general decline in the market. Bitcoin (BTC), which has reached a price of $111,000, is now at risk to drop below that level. Market-wide corrections could be due to profit-taking following the new highs of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies this month. According to CoinGlass data, the crypto market faced $837.89 million worth of liquidations Last 24 Hours
The month of September is usually a bad one for Bitcoin. Dogecoin’s (DOGE’s) price is likely to follow BTC’s path, given that BTC leads the market. The crypto market may continue to drop in price over the coming month if it follows the historical trend.
A high probability exists that Federal Reserve will also reduce interest rates this September. Interest rate reductions are often followed by an increase in investments that carry risk. Dogecoin is a memecoin and therefore one of the most risky assets. Rate cuts could increase inflows of DOGE. This scenario may lead DOGE to recover its September losses.
Please Read This: Dogecoin Is The Last Memecoin In Top 25: DOGE Meme King?
CoinCodex analysts also anticipate Dogecoin (DOGE) to recover from its recent price crash In September. On Sept. 20, the platform expects DOGE price to reach $0.284911. A price increase of 30.27% is expected if DOGE reaches $0.284911 on Sept. 20.
Volatility is still a big problem on the crypto market. Dogecoin (DOGE’s) price can pivot in either direction. Federal Reserve’s position on US monetary policies will set the mood for the direction the market takes. Hawkishness could result in a long consolidation period.
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Source: watcher.guru
