Dogecoin Forecast: Is The Price Recovering?

On the daily chart, Dogecoin found support on the MA200 moving average. For now, we are calm until some new news comes out. After falling to 0.16250, we climbed to the current 0.215850, and we can expect the price to recover to 0.25000. as we approached the upper moving averages, we can expect greater resistance.
Dogecoin, Elon Musk’s favorite cryptocurrency pet, has lost tens of billions of dollars in value since he publicly connected it to national television. The market capitalization of a meme-based altcoin is now $ 69 billion lower than when it was when the CEOs of Tesla and SpaceX hosted Saturday Night Live. Dogecoin recorded a large growth at the beginning of May, and its amount had a market capitalization of 95 billion dollars.
After May 8, contrary to expectations, the Doge began a steep decline that continues today.
The current market capitalization of Dogecoin is only $ 26.5 billion – 72% lower than the maximum. It is currently trading at a price of $ 0.21450, which is far from all record levels of $ 0.73. However, Musk himself provoked a great reaction because many claim that those who bought DOGE lost money based on his efforts, which can have significant consequences. Others continue to joke about the volume of total market losses in a few weeks. “Say something, Elon Musk. “, Joked former Bitrefill CEO, John Carvalho.

Previous Weeks

The previous week, an analyst warned that Dogecoin could lose another 60% of its price after existing losses. Bitcoin price correction was difficult on altcoins more widely.
Although some have changed the trend, most tokens with a large limit have shed significant value relative to their recent highs. The data show that decentralized money supply is generally 75% lower than its peaks.
As traders note, altcoins remain in a significantly different zone from the one they were in last year. For example, dogecoin traded at only $ 0.002 in June 2020, and now 0.21450.