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DOGE down 26% from last week’s high – What’s this week’s price prediction?

Press Releases Crypto News AMB-Crypto DOGE down 26% from last week’s high – What’s this week’s price prediction?

Dogecoin [DOGE] was forced to halt its uptrend after Bitcoin’s [BTC] prices toppled below the $70k level. This event also caused bullish conviction to evaporate across the market, at least in the short term.

The trading volume has dropped after the first week of March, indicating reduced fervor behind the meme coin. Technical analysis showed that DOGE could drop toward the $0.1 mark this week.

Yet, its long-term trajectory was bullish. Ali, a popular crypto analyst, posted on X (formerly Twitter) that the recent rally was indicative of a move to $1.

Over-dependence on Musk

The advent of Dogecoin was crucial in preparing the ground for the present expansion of the memecoin arena. The cryptocurrency’s popularity truly took off when Tesla CEO Elon Musk started endorsing the coin.

Musk joined the Dogecoin bandwagon in 2019, primarily as a joke. However, over many months, his social media remarks about Dogecoin lent it more and more credibility.

His earliest mention of Dogecoin came on X (formerly Twitter) in April 2019, when he called it “my fav cryptocurrency.”

DOGE increased by more than 70% immediately following Musk’s disclosure. What was intriguing was that this occurred amid the pinnacle of the bear market.

Since then, the tech mogul has publicly endorsed the memecoin multiple times. He even referred to it as the “people’s crypto” on one occasion, highlighting its widespread use among his company’s blue-collar workers.

Aside from the brief price increases, the Dogecoin community saw a level of opti

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Author: Akashnath S

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