THE Dogecoin price crashed up to $ 0.31 this week and may still lose the psychological level of 0.3. This drop in prices is due to several factors, including developments on the macro side.
Why did Dogecoin crushed at $ 0.31
Coinmarketcap data shows that the price of Dogecoin is down more than 8% and crashed up to $ 0.31 this week. This drop in prices occurred due to several factors, including the FOMC decision Coming today, which has created a certain uncertainty on the market. The American federal reserve should announce the decision to lower the Fed rates, whether or not they plan to reduce rates.
CME Fedwatch data show that there is a probability of 99.5% that the American Fed maintains the unchanged prices, which triggered a lower feeling of the wider market of cryptography. The unchanged Fed maintenance rates are lowered for the Dogecoin priceBecause investors are less likely to invest in risk assets like DOGE.
The anticipation of the rates remaining unchanged has already contributed to the widespread sale observed on the cryptography market earlier in the week, which also had an impact on the price of Dogecoin. Another reason why there was a wave of sales on the cryptography market, leading to the Dogecoin price accident, is the rise of the startup of Chinese AI Deepseek.
Deepseek ai won The general popularity this week, which immediately sparked a wave of sales for American technological actions, with billions of dollars of the American stock market. The cryptography market has also taken a hit, which led to this downward trend for the price of Dogecoin. It should be mentioned that the Bitcoin price had also dropped $ 100,000 earlier in the week. As such, DOGE also had to attend such a lower pressure given its strong positive correlation with the flagship crypto.
Positive for Doge in the middle of the downward trend
There are still positive points for the Dogecoin price in the middle of this downward trend. One is the fact that cryptographic whales are always optimistic about the first piece of memes and seem to accumulate during this downward trend. Intotheblock data show that DOGE transaction volume jumped more than 41%, with 23.35 billion dollars negotiated during this period, indicating the accumulation of whales.
Crypto Ali Martinez analyst Also revealed that whales bought 460 million Doge during this drop in Dogecoin prices. Meanwhile, the merchant of Crypto Tardigrade analyst recently said that there were two runnings on the horizon for Dogecoin. This came as the analyst revealed that Doge follows the Gaussian canal model. He added that the meme’s play had first left the canal when it was red, followed by a retest of the line of the intermediate canal. With this detection away, Doge could attend a massive upward decision.
When writing data from CoinMarketCap.
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