The Dogecoin price is in a consolidation mode as investors wait for a new catalyst. DOGE is trading at $0.1927, which is about 75% below its all-time high. The coin has a market value of more than $25 billion and is the eighth biggest cryptocurrency in the world.
Dogecoin news. Dogecoin has struggled recently as demand for the coin has fallen. The overall volume of cryptocurrencies traded in popular exchanges like Binance, Huobi, and FTX has declined by more than 40% in the past few months. This decline is partly because of the overall weakness of the coins after their prices surged in May.
Further, DOGE has declined because of the overall regulatory scrutiny of cryptocurrencies. Regulators in countries like the United States have increased their scrutiny following the giant hacks that have happened recently.
Additionally, the coin has struggled because of the overall silence of Elon Musk, the second-richest person on earth. While he has expressed support for both Dogecoin and Baby Dogecoin, his recent comments have not moved the currency.
Dogecoin is also struggling because of the overall higher inflation rate in the US and the fear that the Fed will intervene by raising interest rates.
Dogecoin price forecast
The Dogecoin price has struggled lately. It has declined by more than 75% from its all-time high. A closer look at the daily chart reveals that the coin is hovering near the upper side of the descending channel. It has also formed what looks like a bullish flag pattern that is shown in blue. On the other hand, it has fallen below the 200-day and 50-day exponential moving averages (EMA).
Therefore, the coin will likely bounce back in the next few weeks. If this happens, the next key resistance level will be $0.30. The alternate scenario is where the coin declines to the lower side of the bullish flag.