Dogecoin is currently rallying as it is up nearly 15% in the 24-hour day trade. DOGE reached $0.15 on Thursday and is attracting bullish sentiments in the indices. The leading meme currency spiked close to 76% in 30 days generating stellar profits for investors. Holders who took an entry position mid-February made massive profits in Dogecoin mid-Match this year. Now that the Bitcoin halving is near, will Dogecoin hit a new all-time high or will it head south?
Also Read: Shiba Inu (SHIB) Price Prediction After Bitcoin Halving
For the uninitiated, the Bitcoin halving event is scheduled to take place next month on April 20, 2024. The meme coin is rallying as Bitcoin reached a new all-time high of $73,737 this month. In this article, we will highlight whether Dogecoin will climb up or down in the indices during the Bitcoin halving event.
Dogecoin: What Will DOGE Price Be During Bitcoin Halving?
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for Dogecoin. According to the price prediction, DOGE could dip by nearly 14% on the heels of the Bitcoin halving. The forecast highlights that Dogecoin could fall to the $0.13 level from the current $0.15 price range.
Also Read: Shiba Inu: Investment of $4,400 Grows To $50 Million Today
That’s a slump of 2 Cents in the charts despite the Bitcoin halving event for Dogecoin. Therefore, an investment of $10,000 in DOGE could turn into $8,600 next month during Bitcoin halving if the prediction turns accurate. It is advised to stay away from trading in Dogecoin currently as all indicators point towards a loss.
Also Read: Cryptocurrency: 3 Coins Under $1 To Buy This Week For Profits
However, the cryptocurrency market is highly volatile and there is no guarantee that DOGE could dip 14% in 30 days. It is advised to do thorough research before taking an entry position in the cryptocurrency and Dogecoin market currently. Trade at your own risk as the Bitcoin halving event could make the markets turn highly volatile.