Dogecoin has seen another small drop this week, with the daily chart down nearly 8% without much momentum. At press time, Dogecoin is trading at $0.1145, down nearly 10% in 24 hours. The cryptocurrency market is showing signs of a possible recovery as Bitcoin breaks through the $70,000 mark again. The overall market has reacted well to the change, but Dogecoin has been slow to gain ground.
Dogecoin has a top-notch community system, but its price has yet to see significant price movements that could help the coin reach new milestones. Still, support from the dog-themed cryptocurrency community remains high, causing trading volumes to continue to rise.
Is the Dogecoin price prediction bullish or bearish?
Jonathan Carter, a well-known analyst, has predicted a new path for Doge. He shared how the coin has recently been consolidating in a “symmetrical triangle” while Doge is experiencing rejection from resistance points. Doge’s next move could help the coin recover and eventually help it establish a decent price pace.
Other DOGE price predictions see the asset falling further before a possible rebound, similar to what we have seen over the past week. The reason for DOGE’s drop is unclear, but it may be related to a statement from one of its biggest supporters. Elon Musk said on the X Takeover podcast that he is no longer promoting any cryptocurrency and has no plans to do so. He believes that certain cryptocurrencies, including Bitcoin, have merit.
He did assure that he still has a soft spot for Dogecoin, however, this comment by Musk may have contributed to the drop in the price of Dogecoin. As many price forecasters suggest, Dogecoin still has signs of rising. As time goes by, we will see whether this past week was just a short-lived drop for Dogecoin or the beginning of another major drop.
