Analyzing Dogecoin’s Market Trends Amidst Geopolitical Tensions
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As geopolitical tensions escalate, the cryptocurrency market is experiencing significant pressure. Dogecoin (DOGE), the popular meme cryptocurrency, has not been spared from this turmoil. Over the weekend, Dogecoin’s price plummeted by more than 5%, breaking below the crucial $0.16 mark and continuing its downward trajectory. This decline has understandably caused unease among investors, prompting increased sell-offs. In light of these developments, a prominent crypto analyst has offered insights into the optimal timing for purchasing DOGE.
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Determining the Optimal Time to Invest in Dogecoin
Dogecoin’s value has already dipped to the $0.15 range and continues its downward trend following the broader market downturn. A notable crypto analyst on TradingView has advised that the current moment is still not ideal for purchasing DOGE. The rationale is that the coin’s price has not yet reached its lowest point.
The analyst predicts a further 10% drop in Dogecoin’s price, potentially bringing it down to $0.13. Investors are advised to wait until the digital currency approaches this critical level. This recommendation is based on the alignment of range support with weekly support, creating a confluence zone that presents a promising entry point for potential investors.
The formation at this level suggests that purchasing Dogecoin within the $0.13 range could be advantageous. With anticipated support and increased liquidity at this level, Dogecoin may experience a significant rebound. The analyst suggests that from this purchase zone, the price could nearly double, with a target of $0.25, representing a potential 90% increase by the third quarter of the year, potentially restoring profitability for investors.
Declining Trading Volume Indicates Further Downward Pressure
In addition to the consistent decline in Dogecoin’s price, there has been a noticeable reduction in daily trading volume. According to historical data from the Coinglass platform, this decline supports expectations of further price drops.
In June, Dogecoin’s daily trading volume decreased significantly from its peak of $5.1 billion to an average below $3 billion. If the market downturn persists, this figure could potentially fall below $2 billion by the end of the month, possibly pushing DOGE back towards the $0.13 mark.
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