- Dogecoin price is currently down more than 13% from the March 1, 2022 high of $0.139 and 44% down from the 2022 high of $0.214. While the cryptocurrency market is recovering after a major correction, Dogecoin has declined more after a major correction, according to data from CoinMarketCap. As such, there are currently over 7 million Dogecoins in circulation, with $33 million traded over the last 24 hours.
- The downtrend is likely to continue, as the cryptocurrency has been in a downtrend for more than six weeks and has not yet managed to break above the top of its trading channel.
- It has been bearish on Dogecoin from the beginning of this year. It is believed that the price will continue to decline until the supply and demand of Dogecoins are in equilibrium.
Reason behind collapse to $0.09 despite recent rebound
- Dogecoin to keep crashing to $0.06 despite the recent rebound. It was expected that the price of Dogecoin would rebound but it was assumed that the rebound would start from $0.13. But the recent price rebound was due to the fact that the price of Dogecoin has reached its lowest price of the year. The lowest price of Dogecoin is $0.06.
- Dogecoin price to collapse to $0.09 despite recent rebound because of the recent price reversal to $0.06. The price reversal is explained by the following.
- The Dogecoin price is following the similar trend with Bitcoin, ETH, XRP, Dash, Bitcoin Cash and Bitcoin Gold. This means that the Dogecoin price is also going to decline.
- Dogecoin is a parody cryptocurrency that started as a joke back in 2013. This was the first cryptocurrency to be based on a internet meme and has been widely accepted to be one of the more bizarre cryptocurrencies in existence.
Summary
The Dogecoin price is currently at $0.1376 which is a rebound from a previous low of $0.10 which was reached in early February 2018, but this is more of a bounce than a rebound and the price will soon collapse to $0.09. The price is too high as it has hit a high of $0.39 and $0.40. The volume is still very low which means the price is still in bear market mode.
