Why Is The Dogecoin Price Down Today?

Dogecoin (DOGE)According to data From CoinMarketCap. This downward trend can be attributed to the price fluctuations of Bitcoin, the main cryptocurrency.

Dogecoin also fell along with Bitcoin

dogecoin price It also experienced a sharp selloff as the leading cryptocurrency fell from more than $66,000 to less than $64,000 in the past 24 hours. Altcoins like DOGE are known to experience similar downward trends whenever the Bitcoin price records a correction like this one. Typically, Global cryptocurrency market Thanks to this event, it fell more than 4%.

Several factors are believed to have contributed to the recent decline in Bitcoin (and by extension Dogecoin and other altcoins). One is the release of personal consumption expenditure (PCE) inflation data on April 26th. Estimate The Cleveland Fed predicts that PCE data will show inflation slowing, but crypto investors remain cautious given March consumer price index (CPI) data showed no progress in curbing inflation. I’m on guard.

Cryptocurrency investors also remain concerned about the conflict in the Middle East. Although there is tension between israel and iran Although it seems to be calming down, there is still a feeling that the situation could heat up again soon.The effect of this is geopolitical conflict The fallout in the crypto market is clear and investors want to avoid getting burned again.

on the other hand, Spot Bitcoin ETFIt is currently having a big impact on the virtual currency market, but the inflow has slowed down this month. Demand for these investment funds has declined significantly, contributing to the unimpressive price movements of crypto tokens like Dogecoin given the amount of liquidity brought into the market at their peak.

Interestingly, BlackRock, the world’s largest asset management company, recorded Daily inflow is zero iShares Bitcoin Trust (IBIT) For the first time on April 24, it further emphasized how bad the situation was.

DOGE is expected to see further price decline

Based on data from cryptocurrency analyst CrediBULL Crypto recent analysisthe cutting edge meme coin is still expected to experience Further price decline Even if the cryptocurrency market recovers again. The analyst said the cryptocurrency market is at a point where Bitcoin is sucking up the liquidity of memes like Dogecoin and other altcoins. Move to $100,000.

Cryptocurrency analysts predict that if this happens, Dogecoin could fall as low as $0.5, suggesting that there is not enough liquidity for the memecoin to sustain its upward trend. Masu. but, Kevin the Crypto Analyst (Former OG Yomi) expressed a different opinion. Focus on it On the monthly time frame, there is nothing to suggest that Dogecoin will fall to $0.5.

Dogecoin price chart on Tradingview.com

DOGE price drops below $0.15 | Source: DOGEUSDT on Tradingview.com

Featured image from Cryptoast, chart from Tradingview.com

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