Dogecoin Wallets Just Hit A New All-Time High, But Why Is Price Struggling?

Dogecoin has reached a brand new milestone with the variety of wallets on the community hitting a brand new all-time excessive (ATH). Regardless of this bullish growth, the DOGE value continues to battle, which has raised considerations amongst group members. 

Dogecoin Wallets Hit New ATH However Value Continues To Battle

In an X put up, crypto analyst Ali Martinez revealed that the entire variety of Dogecoin wallets has hit a brand new all-time excessive of 83.48 million. That is bullish for DOGE because it signifies that extra customers are actively utilizing the community, and the foremost meme coin. A rise in Dogecoin’s utility tends to result in increased costs for the meme coin. 

Nevertheless, on this case, the Dogecoin value is struggling regardless of the community’s addresses hitting a brand new ATH. DOGE is presently beneath the psychological $0.20 value degree, having steadily declined from a neighborhood excessive of $0.46 achieved in December. As Bitcoinist not too long ago reported, Dogecoin’s value decline is because of exterior elements somewhat than its fundamentals.  

The continuing commerce struggle between the US and different international locations like Canada, Mexico, and China has sparked a bearish sentiment amongst buyers and negatively impacted Dogecoin and different crypto belongings. Furthermore, the US has continued to create uncertainty out there by going backwards and forwards on what tariffs it’s selecting to impose on these international locations. 

In the meantime, the US Federal Reserve maintains a hawkish stance, lowering the probability of the Fed slicing rates of interest this yr. That is additionally bearish for Dogecoin and continues to affect its value. Traders are unlikely to allocate a lot capital to the meme coin and different threat belongings with out assurances of a fee reduce this yr. 

DOGE At Danger Of Dropping To As Low As $0.15

In an X put up, Ali Martinez warned that the Dogecoin value may drop to as little as $0.15 if it breaks beneath the $0.19 assist degree. He defined that since 2014, DOGE has been buying and selling inside an ascending channel and has tended to rebound from the channel’s decrease assist trendline to the higher resistance trendline. 

Nevertheless, crypto analyst Dealer Tardigrade advised that the Dogecoin value may get away to the upside somewhat than struggling a break beneath $0.19. In an X put up, he acknowledged that DOGE’s Common Directional Index (ADX) signifies a possible surge forward. His accompanying chart confirmed that the foremost meme coin may rally to $2.8 when this surge occurs. 

In the meantime, amid this market downtrend, crypto analyst Kevin Capital has indicated that now is likely to be a great time to accumulate Dogecoin.  He identified DOGE’s weekly Relative Energy Index (RSI), which is presently oversold. As such, the meme coin may quickly rebound from its present value degree. 

On the time of writing, the DOGE value is buying and selling at round $0.19, down over 8% within the final 24 hours, in response to information from CoinMarketCap.

Featured picture from Unsplash, chart from Tradingview.com

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