On Saturday, the cryptocurrency market remained gloomy for the third day in a row, with market capitalization falling 2.8 percent to $2.8 trillion at 1440 GMT.
Bitcoin, the most valuable cryptocurrency, fell 1.45 percent to $60,636. The largest cryptocurrency’s market capitalization has dropped to 1.142 trillion as a result of the price drop. On Tuesday, Bitcoin touched a one-week high of $63,400.
Similarly, the price of ether (ETH), which hit a record high of $4,680 on Wednesday, fell 2.46 percent to $4,396. The market capitalization of ETH has dropped to $515.9 billion as a result of the price drop.
Similarly, the price of XRP fell 1.68 percent to $1.13. After this drop, the market capitalization of XRP has dropped to $113.5 billion.
Cardano’s (ADA) price, on the other hand, fell by 0.89 percent to $1.97. With this drop, its market capitalization has dropped to $63.7 billion.
Dogecoin (DOGE) fell 1.68 percent to $0.257, following the market’s trend. Doge’s market capitalization has dropped to $33.8 billion as a result of the price drop.
Experts say the price of dogecoin has remained stable for almost six months, with no discernible rise. While current price action is inconvenient, DOGE seems to be in an accumulating period similar to Shiba Inu before bursting out.
For the last six months, the price of Dogecoin has been stalled around $0.45, well below the 50 percent Fibonacci extension barrier. DOGE’s price movement seems to be shifting, as buyers are set to drive the meme currency higher. Since October, the price of dogecoin has made higher highs and lower lows, indicating an uptrend. DOGE must break past two hurdles at $0.31 and $0.36 to maintain its bullishness. The conversion of these levels to support floors would indicate a buyer’s rebound and accelerate Dogecoin price to $0.45, which coincides with the 50 percent Fibonacci retracement level. This increase would represent a 70% increase over the existing rank.
Investors should anticipate DOGE to turn the $0.45 barrier into a launching platform in a very optimistic scenario, triggering a tremendous upsurge to $0.75 highs in 2021.
If the dogecoin price fails to break through $0.31 or $0.36, it indicates a lack of purchasing demand or an increase in selling pressure. In any case, a downswing to the solid support level of $0.19 is possible.