The cryptocurrency market has faced a substantial correction over the last month. Bitcoin (BTC) has fallen to below $80,000. The global crypto market cap has dipped 4.8% in the previous 24 hours to $2.71 trillion. BTC’s lackluster performance has trickled into Dogecoin (DOGE) and other assets. DOGE’s price has slipped 8.3% in the daily charts, 17.9% in the weekly charts, 24.3% in the 14-day charts, 24.3% over the previous month, and 6.2% since March 2024.
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Cryptocurrencies Suffer Amid Macroeconomic Worries
The latest market correction came after the US announced additional tariffs against fellow nations. The US intends to add hefty taxes on the European Union (EU). The EU has said it will retaliate with similar tariffs against the US. The global trade war seems to have rubbed investors the wrong way. Risky assets, such as Dogecoin (DOGE) and other crypto assets, have taken a significant hit.
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DOGE’s lackluster performance also comes amid bullish developments in the US. The US announced it will create a Bitcoin (BTC) reserve and digital asset stockpile. DOGE and other crypto assets could benefit from the development. Despite the bullish move, market participants continue to be weary.
Dogecoin Predicted To Hit $0.60
According to CoinCodex, Dogecoin (DOGE) could pick up the pace over the coming weeks. The platform anticipates the asset to hit $0.604066 on Apr. 6. DOGE’s price will rally by about 300% if it hits the $0.604066 target. Despite the bullish outlook, the platform does not expect DOGE’s price to hold above $0.60. CoinCodex predicts the memecoin will face a price correction after hitting $0.60.
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There is also a possibility that DOGE will not rally as predicted. Macroeconomic conditions continue to present a substantial barrier to the crypto market. Global trade wars have also taken center stage. The crypto market may not make any positive movements until the global economy settles down.