Dogecoin (DOGE) exploded in early March as Bitcoin (BTC) rallied. BTC hit a new all-time high, while DOGE entered the top 10 cryptocurrencies by market cap.
The momentum from March seems to be fading. DOGE has experienced a major price correction in the past few days. Dogecoin is down 12.8% on the weekly chart, 22.5% on the 144-day chart, and is down more than 26% over the last month.
DOGE’s latest drop could be due to Bitcoin’s fall below $64,000. The original cryptocurrency is down 3.7% in the past 24 hours and 4.8% in the past week. Meanwhile, BTC’s fall could be due to miners capitulating. Earlier this week, the mining price of one BTC broke through the $86,000 level. As a result, miners have begun selling their holdings.
Will Dogecoin recover this weekend?
Researchers at CoinCodex predict that BTC will revisit the $69,000 level on Sunday, June 23, 2024. If BTC rebounds, other assets may follow its trajectory. The platform does not paint a similar picture for DOGE. CoinCodex's research suggests that DOGE could fall to $0.1241 on Sunday, June 23, 2024, which would be a drop of about 0.16% from current levels.
Changelly also expects Dogecoin’s price to drop in the coming days, falling to $0.10 by early July.
According to cryptocurrency analytics firm Santiment, DOGE’s “mass sentiment has dropped significantly.” The platform also said that FOMO is at its lowest point this year.
