Dogecoin Price Prediction: DOGE/USD is bearish for the next 24 hours

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TL;DR Breakdown

  • Since its inception, Dogecoin’s value has been volatile. 
  • The Dogecoin network’s total number of daily transactions has fallen below 18,000.
  • According to Dogecoin price prediction, the meme coin is expected to be bullish today.

 

Dogecoin and Shiba Inu are two rising crypto-currencies. The SHIB community continues to call for the meme coins inclusion on Robinhood, a commission-free exchange.

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On-chain activity on the Dogecoin network hit the lowest level since 2017

The Dogecoin network’s total number of daily transactions has fallen below 18,000. This week’s transaction volume is the weakest since Bitcoin’s historic bull run in 2017.

By the end of 2020, there had been 100,000 transactions. A drop in on-chain activity is generally associated with a decline in demand for an asset; however, it is the case with the Shiba-Inu-themed cryptocurrencies.

Dogecoin daily transaction volume 

The popularity of Dogecoin has risen in recent months owing to the introduction of a commission-free exchange by Robinhood, which will soon introduce an anticipated cryptocurrency wallet that would allow users to deposit and transfer Dogecoins.

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Dogecoin was accepted by AMC Theatres, the world’s largest theatre chain, as reported by its CEO, Adam Aron. Dogecoin should be accepted for internet payments, according to 70% of the respondents in a poll on Twitter.

Recently, there have been rumours that Amazon will soon accept payments in Dogecoin. This would be a significant development and should increase the popularity of DOGE even further dropping. Since then, DOGE has retraced back to around $0.24 at press time.

Dogecoin price retraced to $0.24  after a steep fall

Due to the news, Dogecoin’s price rose sharply, reaching heights of $0.34 before dropping. Since then, DOGE has retraced back to around $0.24 at press time.

4-hour Dogecoin Price prediction chart: Will DOGE continue to consolidate?

A rejection at $0.2430 suggests the consolidation phase will continue later in the day on the 4-hour chart.DOGE/USD 4-hour chart.

Dogecoin price prediction

Source: TradingView

Since its inception, Dogecoin’s value has been volatile. After establishing a new swing high of $0.35 in August, the price of Dogecoin plummeted by more than 90%. DOGE/USD subsequently fell by two sessions to a low of $0.265 in December 2017 before recovering somewhat.

DOGE/USD had begun an upswing by the fourth week of September and reached a higher high. After breaking past resistance at $0.30, the cryptocurrency rose to a somewhat higher high beyond its previous barrier at $0.31, with bulls growing weary near $0.31, where the meme coin’s price has nosed.

Dogecoin Price Prediction: Conclusion

As predicted, the bulls are believed to have been exhausted, and DOGE/USD is expected to trade bearishly today. As a result, we expect DOGE/USD to continue to fall in the following 24 hours.

Read also Litecoin Price Prediction: LTC set to break above the intraday high of $166

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