As a seasoned crypto investor with a few battle scars from the rollercoaster ride that is the cryptocurrency market, I can confidently say that Dogecoin has been a wild ride. Having witnessed its meteoric rise and subsequent falls, I’ve learned to expect the unexpected in this space.
The value of Dogecoin remains volatile, causing investors to tread carefully, even though it’s one of the popular meme coins to purchase. Long-term investors who are prepared to weather the ups and downs continue to hold onto DOGE, as it has been consolidating for 28 days so far. Yet, with Dogecoin undergoing a substantial price dip, attention is focused on Elon Musk, the influential tech entrepreneur, who has played a significant role in boosting Dogecoin’s value in the past. Known for his cryptic social media posts and vocal support, it’s clear that Musk’s impact on Dogecoin’s price trends cannot be ignored.
Lately, Tesla’s CEO, Elon Musk, has given hints that the company might once again accept Dogecoin as a form of payment. This could extend its application from just merchandise to significant transactions. As Musk has previously influenced Dogecoin’s value through endorsements, it’s worth considering if his recent actions could halt its decline and rekindle investor enthusiasm.
Dogecoin Price Q3 Performance Drops to 5-Year Low
2024 saw a challenging year for DOGE‘s price. Although it soared by an impressive 125% during the first three months, it subsequently lost about 42% of those gains in the second quarter. As we move into the third quarter, DOGE’s price has dipped by 23.97%. However, some analysts predict a potential improvement might be on the horizon.
Data from CryptoRank shows Dogecoin performed worse in Q3 2024 than in the other Q3s in the last five years. The last time DOGE did this badly was in 2019, when it declined by 28.9%. The price of Dogecoin has gone down 1.6% in the last 24 hours and is trading at $0.097.
Furthermore, as per DYOR’s findings, the crypto story experienced its fourth-biggest weakening, implying that the overall market attitude has changed, resulting in a downturn, notably affecting Dogecoin.
Despite the poor Dogecoin performance in Q3, DOGE remains the ‘top dog’ in the meme sector, leading the pack by a $14.1 billion market cap. The next contender is Shiba Inu, which is about half that size.
An examination of the popular crypto meme coins on CoinGecko shows that, interestingly, those with a dog theme are predominant, making up six out of the top ten.
Will Elon Musk Help DOGE Price Recover In September?
Right now, Dogecoin’s price is flirting with the bottom limit of a holding pattern, which can be risky considering the high volatility Bitcoin‘s price is experiencing at the moment.
30-day trading statistics from Coinglass suggest that traders are predominantly pessimistic about Dogecoin’s price, having initiated short positions worth approximately $58 million between the prices of $0.0985 and $0.1135. However, it’s a question of how likely it is for all these bearish bets to be invalidated or “liquidated.”
As an analyst, I’ve noticed a trend: Scalpers are actively jumping into long positions on Dogecoin, suggesting they’re bullish about its short-term price movement. On a 4-hour scale, traders seem to be wrapping up their Shorts, often after initially taking Long positions. If this pattern persists and moves up to the daily timeframe, it could potentially alter my outlook for Dogecoin’s monthly price trajectory.
For a while, it’s expected that the value of Dogecoin may rise by approximately 17%. This growth might occur progressively, as there’s been significant selling pressure across the broader cryptocurrency market.
To start, September is off to a challenging period for the financial markets, yet predictions indicate that Dogecoin’s price could continue experiencing fluctuations.
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2024-09-02 15:24