Dogecoin Forecast: The Fear Of Further Price Fall
Data on the trade volume in crypto exchanges show a decline of more than 40% in June. Some attribute this to a regulatory violation by the Chinese authorities. Markets have been different over the past few weeks. But the fall of yesterday caused a more bearish mood because the index of fear and greed slipped further into extreme fear, falling from the rating from 25 to 20 today. Meme tokens Dogecoin and Shiba Inu felt the biggest burden of the sale. The question is on everyone’s mind, is there more waiting for us?
The Dogecoin price forms a massive bearish pattern on the head and shoulders that could ruin gains in 2021. With upcoming upgrades and Musk support, the meme coin could defy technical data and trigger a massive uptrend. Dogecoin remained relevant during the bull start-up phase and still behaves quite well compared to most altcoins. Perhaps the primary reason for this is the recommendations they received from celebrities like Elon Musk, Mark Cuban, and so on.
Recent eToro reports show that market participants are still confident in DOGE despite its steady decline since early May. Data from the brokerage house reveals that Dogecoin is the second-largest token that users had in K2. While this is an impressive feat, BTC and ETH owners rank below DOGE, representing investor interests, at least on eToro. Cardano placed first, followed by Dogecoin, Tron, Ether, and Bitcoin.
The proposal was made two weeks ago, and the reduction of fees is planned to be drastic. The minimum fee users currently pay 1 DOGE per kilobyte, but the new policy plans to reduce it by 100 times to 0.01 DOGE per kilobyte. Other suggestions mentioned a plan to include adopting a separate witness (SegVit) to increase the efficiency of the use of block space. As well as eliminate the flexibility of transactions. Tesla CEO Elon Musk commented that Dogecoin is trying to improve level 1 efficiency, while BTC and ETH hope that level 2 will increase its efficiency.
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