Dogecoin (DOGE) Downside to Continue After Powell’s Hawkishness – Price Prediction
- DOGE price has maintained downtrends since February’s late session, a stance that Elon Musk partially invigorated with comments about AI interest.
- Continued EMAs repellant might see the price losing the closest support of $0.0736 and dip further.
- A 24hr candle closing that overturns the $0.823 resistance confluence to support might cancel the bearish tale.
Dogecoin price has hovered with bearishness since 19 February, experiencing a colossal decline. The famed DOGE father and Twitter CEO Elon Musk catalyzed the situation by commenting on his interest in AI. Mark Yusko of Morgan Creek added to the negative bias with his attack on DOGE, stating that meme tokens do not have value.
DOGE Feels the Heat of Stiffer Rate Hikes
Dogecoin price dropped by 11% within the previous week, currently hovering beyond the support floor of $0.0736. Further, market players can expect a continued drop, considering Jerome Powell’s remarks that confirmed accelerated rate hikes.
In such instances, DOGE might see its price plummet to hit the support of $0.0701 before possible upswings. Failure by buyers to catalyze a comeback could welcome more dips toward the barrier at $0.0682. That would lead to a nearly 8% fall in the original meme coin. Relative Strength Index’s undesirable spot of 32 and downtrend cements the bearish tale.
Meanwhile, the DOGE price saw a bullish cross on its 24hr chart (between the 50d and 100d EMAs). The technical setup means hope for Dogecoin holders, indicating possible uptrends. The altcoin might attempt recoveries towards the hurdle of $0.0823 if sidelined market participants step up to rescue Dogecoin.
Though such a development will draw more investors, DOGE needs a 24hr candle closing beyond $0.0827 to invalidate its bearish bias. That would mean increased chances of uptrends, possibly triggering an upward move toward the 200-d Exponential Moving Average at $0.0845.
Also, Dogecoin fans should watch broad market trends for informed moves in the marketplace. Bears appeared visible during this publication. The crypto market capitalization lost 1.16% over the past day to $1.02 trillion (Coinmarketcap). Also, Bitcoin plunged by 1.45% within the last 24 hours, confirming bearish dominance.
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