Dogecoin Down 8% This Week, What Went Wrong?

Dogecoin is back on a slight downtick this week, dropping nearly 8% on the daily charts without much momentum. At press time, DOGE is trading at $0.1145, down nearly 10% in 24 hours. The cryptocurrency market is, showing signs of a possible healing and recovery with Bitcoin hitting the $70K mark again. The overall market has responded well to the change, however, DOGE has been slow to climb.

Dogecoin boasts a stellar community system, but its price has yet to note significant price action, which can help the token achieve new milestones. Despite this, the support from the dog-themed cryptocurrency community remains high, resulting in a consistent green trading volume.

Are Dogecoin Price Predictions Bullish or Bearish?

One notable analyst, Jonathan Carter, has predicted a new path for Doge. He shared how the token has lately been consolidating in a “symmetrical triangle,” and at the same time, Doge is experiencing rejections from the resistance points. The next move by Doge may help the token recover, helping it finally establish a decent price pace.

Other DOGE price predictions see the asset dropping a bit further before any potential rally, mirroring what we’ve seen this past week. The reason why DOGE has fallen is unclear, however, it perhaps has something to do with a statement from one of its biggest supporters. Speaking on an X Takeover podcast, Elon Musk affirmed that he was no longer promoting any cryptocurrency and doesn’t intend to do so. He believes that there is merit in certain cryptocurrencies including Bitcoin.

Also Read: Dogecoin “Real” Bull Run Yet To Began, Analyst Confirms

He did reassured that he still had a soft spot for Dogecoin, however, perhaps this statement by Musk prompted a dip in price. There are still signs of a bullish DOGE rally incoming, as many price forecasters have suggested. In time, we will see if this past week was just a negative blip for DOGE or the start of another steep drop.