Dogecoin (DOGE) has faced a big correction in the last 24 hours. The asset is down 7.1% in the daily charts amid a larger market correction. Despite the latest dip, DOGE is still up 13.2% in the weekly charts, 17.6% in the 14-day charts, 8.7% over the previous month, and 60.7% since July 2024.
Should You Buy The Dogecoin Dip Or Wait?
The cryptocurrency market experienced a massive upswing over the last few days. Bitcoin (BTC) climbed to a new all-time high of $122,838 on July 14. The original crypto has since fallen to the $116,000 level.
DOGE’s rally was likely fueled by BTC’s latest rise. BTC’s rally, on the other hand, may have been due to increased institutional investments over the last few months. BTC ETFs saw continued inflows even during uncertain times. Global geopolitical tensions did not seem to bother large financial institutions.
There is a possibility that the dip will continue for the next few days. Investors may be booking profits. BTC’s price has declined gradually since its July 14 peak. The original crypto may continue to dip over the next few days. Dogecoin (DOGE) may also follow a similar trajectory.
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Buying the dip is a solid investment strategy. However, timing it right can be a challenge. The crypto market has not seen a lot of retail participation this cycle. Retail investors have yet to regain their confidence. DOGE and other assets may have succumbed to the lack of retail players. BTC is the only crypto asset that seems to be hitting new peaks this bull run. This makes it a challenge to predict the performance of other cryptocurrencies.
The Federal Reserve has also decided to keep interest rates unchanged. The Fed’s decision may have further spooked retail players. How Dogecoin (DOGE) behaves over the next few weeks is yet to be seen. A further correction could be anticipated, but not confirmed.