Dogecoin (DOGE) followed the market rally in late February 2024 and climbed several spots on the chart. However, the asset has faced a significant correction over the last few days. DOGE’s price is down 12.6% in the daily charts, 24.5% in the weekly charts, and 27.5% in the 14-day charts. However, the popular memecoin is still up by nearly 57% over the previous month and 75.5% since March 2023.
Also Read: Why Are Bitcoin, Dogecoin & Cryptocurrency Market Falling Today?
DOGE’s latest price correction is likely due to Bitcoin (BTC) falling below $65k. BTC’s price slump, on the other hand, could be influenced by macroeconomic factors. Inflation in the US increased to 3.2% in February 2024. The rise in inflation has likely pushed any plans for an interest rate cut by the Federal Reserve. The development may have led to investors pulling back from riskier assets, such as cryptocurrencies.
Dogecoin (DOGE) price prediction for March end
According to CoinCodex, Dogecoin (DOGE) may fall to $0.117764 on Mar. 31, 2024, a drop of around 10.6% from current levels. Moreover, the platform anticipates DOGE to consolidate at around $0.11 for most of April 2024.
Also Read: Dogecoin: $1000 Monthly Since 2014 Turns Into $18 Million in 2024
Changelly, on the other hand, anticipates DOGE’s price to rebound towards the end of this month. The platform predicts DOGE to rise to $0.137940 by Mar. 31, 2024, an increase of around 4.74%. However, Changelly predicts DOGE’s price to consolidate at around $0.13 for most of April 2024.
Although Bitcoin (BTC) will undergo its next halving cycle in April, few platforms anticipate Dogecoin (DOGE) to make the best of the situation. The bearish outlook and low investor sentiment are likely due to the macroeconomic scenario. If the US can hit a lower inflation number for March, we may see a surge in the cryptocurrency market.