- Despite the current unrest in the entire cryptom market, CoinCodex predicts a dogecoin increase of $ 300% by April 6th.
- But the increasing global trade voltages make investors cautious – which speaks for a declining development of Doge.
The cryptom market recorded a steep decline last month, with Bitcoin (BTC) fell below the $ 80,000 mark. This had a cascade -like effect on other cryptocurrencies, including Dogecoin (Doge). In the last 24 hours, the global market capitalization of cryptocurrencies has fallen by 4.8 % to $ 2.71 trillion. The Dogecoin was not spared and recorded a decrease of 8.3 % in the daily diagrams, a decline of 17.9 % in a week comparison and a break-in of 24.3 % in the 14-day and monthly diagrams.
Volatility and external influences
International economic uncertainties have shaped the current market correction, with increasing trade voltages being the most important factor. The United States imposed new tariffs against several trading partners, including the European Union (EU), which reacted with the threat of countermeasures. This burgeoning trade war has caused investors to withdraw from risky assets such as cryptocurrencies such as Doge.
Despite the Baisse, there were remarkable events in the United States that could benefit the cryptoma market. The US government recently announced plans to set up a Bitcoin reserve and a warehouse for digital assets, a step that has the potential to boost growth in the crypto industry-CNF. Nevertheless, investors’ trust is low and the dealers remain careful, which hinders a possible recovery of assets such as Dogecoin.
In the middle of this chaos, the Doge Prize crashed by 7.33% and listed on Tuesday, March 11th, at $ 0.1616. At the same time, the market capitalization of the memoin fell to $ 24.09 billion according to the data from CoinmarketCap. In addition, the derivative market showed negative signs because the open interest in Doge-Futures loud Coinglass $ 3.04 % to $ 1.35 billion .
Possible increase from Doge to $ 0.6
Market experts are still shared by the short -term way of Dogecoin. The crypto analysis platform COINCODEX has predicted a possible increase in the Doge Prize and assumes that the value will reach $ 0.604066 on April 6th. If this is the case, this would be an increase of almost 300 % above the current level.
However, experts warn that such a strong price increase will probably only be short -term. Coincodex points out that when the $ 0.60 mark was reached, it could experience a correction from where it would not be able to maintain such profits for too long. The speculation about the potential rally continues, since the macroeconomic circumstances still put pressure on the entire cryptor room.
A number of factors could prevent Dogecoin from reaching the expected outbreak. The persistent global trade conflicts have unsettled the financial markets and make it difficult for digital assets. In addition, macroeconomic topics such as inflation and monetary policy decisions continue to influence the mood of investors. However, any positive development in the Dogecoin ETF could lead to a large rally for the meme coin-CNF reported.
Although Doge traditionally has extreme volatility and erratic price movements, it is not known whether he can maintain an upward trend. Until the economic conditions have calmed down, the direction of the Dogecoin course will most likely depend on external economic trends and the mood of investors on the cryptom market.
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