According to U.Today, pseudonymous cryptocurrency trader KALEO predicts that Dogecoin's price action will likely be stagnant over the next several months due to declining volatility. The trader anticipates that DOGE will remain within the $0.085 to $0.11 range until the market becomes more active again. This period is expected to be marked by low excitement and minimal price movement for the popular meme cryptocurrency.
Dogecoin currently holds the 10th position by market capitalization, valued at $14.8 billion, according to data from CoinGecko. Another pseudonymous cryptocurrency analyst, GalaxyTrading, believes that DOGE will eventually lead the charge in the cryptocurrency market, as it often serves as a key indicator for the entire space. Despite the current underwhelming performance of the cryptocurrency market, with Bitcoin dipping below the $60,000 level, upcoming events such as Federal Reserve Chair Jerome Powell's speech at Jackson Hole could introduce more volatility. Powell is expected to provide insights on the pace of future rate cuts, with the Fed anticipated to settle for a 25 basis-point rate cut in September.
Dogecoin experienced a significant price surge in 2021 when US interest rates were extremely low, reaching an all-time high of $0.73 in early May of that year. However, the Fed's rate-hiking spree in 2022 led to struggles for risky assets like cryptocurrencies. Earlier this year, meme coins saw a revival with the Federal Reserve maintaining interest rates close to zero, but established players like Dogecoin recorded relatively modest gains compared to newer meme coins such as dogwifhat (WIF) and some celebrity-endorsed coins.
