The cryptocurrency market is undergoing another correction as we say goodbye to April. Bitcoin (BTC) has fallen 5.2% in the weekly charts, trading at just over $62,000. BTC’s plummet has trickled into other assets as well. Dogecoin (DOGE) has fallen 3.7% in the last 24 hours, 10.5% in the weekly charts, 9.1% in the 14-day charts, and over 32% in the previous month.
Also Read: Dogecoin Forming Head and Shoulders: Can DOGE Hit New ATH in May?
The cryptocurrency market’s latest plunge could be due to slow inflows into spot BTC ETFs due to investor fears fuelled by rising geopolitical tensions, high inflation, and fading expectations of an interest rate cut.
Dogecoin (DOGE) price prediction for May 2024
According to CoinCodex, DOGE will continue to trade at around $0.144 till May 7, 2024. However, the asset may face a correction later in the month. CoinCodex anticipates DOGE to fall to $0.125 by the end of May. Hitting $0.125 from current levels would translate to a decline of about 13.19%.
Changelly does not paint a bullish picture for Dogecoin (DOGE) in May. The platform anticipates the popular memecoin to fall to $0.127904 on May 10, 2024. Furthermore, Changelly predicts DOGE to continue falling throughout the month, hitting $0.125834 on May 27, 2024.
Also Read: Dogecoin (DOGE) Forecasted To Reach 150 Rupees in India
Although Dogecoin (DOGE) is one of the most popular crypto assets, it has struggled to gain momentum recently. However, tech billionaire Elon Musk has said that Tesla might enable DOGE payments for their vehicles soon. If Tesla begins DOGE payments for its cars, the asset may see a sudden boom in adoption. Furthermore, Musk’s X platform might include DOGE in its upcoming payments feature. The move could lead to a sudden spike in the asset’s price.