- Dogecoin struggles: Price has dropped 24.3% over the past month due to global economic fears.
- Trade war impact: U.S.-EU tensions have weakened investor sentiment, hitting risky assets hard.
- Bullish outlook uncertain: DOGE could hit $0.60, but macroeconomic challenges may derail the rally.
Dogecoin is struggling as the cryptocurrency market faces heavy turmoil. Bitcoin (BTC) has fallen below $80,000, pulling the broader market lower. In the past 24 hours, the global crypto market cap has dropped 4.8% to $2.71 trillion. Altcoins have taken a hit, with Dogecoin (DOGE) among the worst affected.
Dogecoin has suffered a steep decline, reflecting broader market struggles. In the past 24 hours, it has dropped 8.3%, with a 17.9% loss over the past week. The downturn extends further, with a 24.3% decline over both the last 14 days and the past month. Since March 2024, DOGE has fallen 6.2%. Macroeconomic concerns have added pressure, with rising tensions between the U.S. and the European Union (EU) fueling uncertainty in the market.
The U.S. has announced new tariffs on EU goods. The EU has vowed to respond in kind. The back-and-forth between economic giants has made investors nervous. Crypto, a traditionally risky asset class, has suffered as traders flee to safer investments.
DOGE, a favorite among retail investors, has felt the pressure. The coin’s price trajectory mirrors the broader market’s struggles.
Despite the downturn, positive news has surfaced. The U.S. has announced plans to create a Bitcoin reserve and digital asset stockpile. This move signals growing institutional confidence in crypto.
While DOGE is not directly impacted, the development could boost sentiment. If major governments start accumulating crypto, it could strengthen long-term prospects for the entire industry.
Dogecoin Price Prediction: Can It Hit $0.60?
Analysts at CoinCodex predict a massive Dogecoin rally. The platform forecasts DOGE will surge to $0.604066 by April 6. That would mark a 300% increase from current levels.
However, the rally might be short-lived. CoinCodex warns that DOGE may struggle to hold above $0.60. A price correction could follow the spike.
Challenges remain despite the optimistic forecast for Dogecoin. Macroeconomic factors, such as rising inflation and interest rate concerns, could slow any potential recovery. The ongoing trade war between major economies continues to weaken investor sentiment, making a market rebound uncertain. Additionally, Dogecoin’s historical volatility adds to the unpredictability, as sharp price swings have made long-term trends difficult to gauge.
Dogecoin faces a tough road ahead. The global trade war has spooked investors, leading to a sharp decline. While some analysts predict a major rally, macroeconomic pressures could limit upside potential. The crypto market needs a stabilized global economy before a sustained recovery can occur.