Dogecoin Price Prediction as DOGE Slumps 10% as $1 Billion Trading Volume Comes In – Can DOGE Hit $1 in 2024?
Dogecoin (DOGE) is down sharply on Wednesday, with the price having dipped around 10% over the past 24 hours, in line with a broader sell-off witnessed across the crypto market.
Fears that the US SEC might not approve spot Bitcoin ETFs in the very near-future have triggered frenzied trading conditions – Dogecoin has seen spot trading volumes of around $1 billion across major exchanges so far on Wednesday as per Yahoo, the highest since December the 11th.
Having started the day above $0.09, Dogecoin dipped as low as the $0.076s, but has since recovered to around $0.082.
The violent drop saw leveraged Dogecoin long futures positions worth nearly $10 million wiped out on Monday, the highest one-day-long liquidation event in over three months, as per coinglass.com.
Dogecoin’s latest price drop confirms bearish price formations that been flashing warning signs in recent days.
Firstly, since peaking in price in December, Dogecoin has been consolidating within a bearish descending triangle patter.
Secondly, Dogecoin broke below an uptrend that had been in play since October just before the end of 2024.
Wednesday’s big drop below key short-term support in the $0.088 area confirmed that the near-term technical bias is likely to be bearish.
DOGE could well be in for more downside and near-term price predictions may remain bearish.
While Dogecoin’s very short-term outlook might be ugly, thanks mostly to technicals, assuming that the broader crypto bull market remains in flow, and dips probably won’t last too long or be too deep.
Indeed, as risk appetite across the crypto market increases this year amid spot crypto ETF approvals and a rate-cutting cycle from the Fed, Dogecoin is a good candidate to perform well.
That’s particularly true in
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