The cryptocurrency market faces another correction, with Bitcoin (BTC) falling below $62,000. The price dip goes against the historical trend of October being a bullish month for the crypto market. Other assets follow BTC’s lead, and the global crypto market cap has fallen 2.7% in the last 24 hours to $2.23 trillion. Dogecoin (DOGE) has also fallen victim to the recent price dip, falling 1.9% in the daily charts and 3.2% over the previous week.
Despite the correction, DOGE is still up by 0.9% in the 14-day charts, 5.8% in the monthly charts, and 69.3% since October 2023.
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Why Is The Crypto Market Down Today?
The latest price dip could be due to increasing geopolitical tension in the Middle East. Iran launched an attack on Israel, potentially provoking increased conflict in the region. Market participants may be weary about risky investments, leading to an outflow of cryptocurrency capital.
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Dogecoin Predicted To Rally By 60%
According to cryptocurrency analyst Ali Martinez, DOGE retests the breakout point from a falling wedge. The analyst believes that if the level holds, the meme coin could rebound and hit $0.16. Reaching $0.16 from current price levels will translate to a rally of about 60%.
Changelly analysts are quite bearish on Dogecoin (DOGE) for this month. The platform predicts the asset will dip over the next few weeks, falling to the $0.094 level by the end of the month. Sliding to $0.94 from current price levels will translate to a dip of about 6%.
CoinCodex researchers are even more bearish on DOGE. The platform predicts the meme coin will fall to $0.091 by the end of October, a dip of about 9% from current levels.
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