As the Western financial markets radially opened on Wednesday, April 9, the overall crypto volatility has continued to surge in tandem with the global stock markets. The cryptocurrency market has not been spared in the ongoing bearish sentiment, despite not being directly included in the ongoing tariffs trade wars.
Since Donald Trump took office earlier this year, the total cryptocurrency market cap has dropped by more than $1.5 trillion. With the VIX index suggesting more volatility ahead, the memecoin sector, led by Dogecoin (DOGE), will experience more volatility.
According to on-chain data, the overall supply of stablecoins into exchanges has increased in the past few days. The sharp spike in stablecoins supply on crypto exchanges could mean bullish traders are protesting their positions from forced liquidation, especially perpetual contract markets, or holders are demanding to sell their volatile crypto assets for stablecoins
Meanwhile, Dogecoin investors with an account balance of at least 1 billion have sold over 1.32 billion coins in the past two days.
After being rejected at the resistance level above $0.15 in the past two days, the DOGE price, against the US dollar, has experienced heightened bearish sentiment. The large-cap memecoin, with a fully diluted valuation of about $21.75 billion at the time of this writing, gained around 4 percent during the Asian trading session to trade about $0.147 at the time of this writing.
The slight bullish bounce is, however, floating in bear territory. From a technical analysis standpoint, DOGE’s price has been trapped in a falling trend in the past three months.
With the top-tier dog-themed memecoin closely following Bitcoin price action, which has gradually been impacted by the ongoing global tariff trade wars.
In the weekly timeframe, the DOGE/USD price has been retesting a crucial logarithmic rising trend established since late 2023. However, a potential breach of the current support level will trigger a 15-25 percent capitulation towards the support range between $0.11 and $0.124.
DOGE is dropping due to whale sell-offs, rising market volatility, and rejection at key resistance near $0.15.
According to our DOGE price prediction, the meme coin might hit a maximum of $1.07 in 2025.
With a potential surge, the price may go as high as $3.03 by 2030.
As the month of May draws to a close, investors are searching for the best…
This week’s crypto spotlight shines brightly on a select group of coins capturing investor interest…
Most investors who passed on Bitcoin early didn’t lack belief — they lacked access, context,…
Is meme coin season peaking, or just getting smarter? Right now, Kaspa (KAS) market sentiment…
The Pi Network price charts are showing signs of brewing tension, with the price moving…
The cryptocurrency market continues to keep traders on edge, and XRP is no exception. Let’s…
