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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Dogecoin price
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Why Is Dogecoin Price Down Today?

Best Owie by Best Owie
1 month ago
in DOGE
Reading Time: 3 mins read

The Dogecoin price is down around 5% in the last day following the general market crash. The meme coin which had seen improved sentiment did a quick 180 and started to bleed. However, while the Dogecoin price could only be following Bitcoin’s descent, are there other factors driving the decline?

Why Is Dogecoin Price Falling?

One reason that the Dogecoin price is down today is due to its proximity to Shiba Inu. The latter saw a highly anticipated Shibarium launch go awry on Wednesday, sparking rapid declines among the meme coins in its ecosystem.

Related Reading: Can Ethereum Price Cross $2,000 Before The End Of August?

As a result of this unfortunate event, the price of SHIB fell almost 10% in a matter of hours and this seemed to have spilled over to Dogecoin. Dogecoin, being a meme coin and the largest competitor for Shiba Inu, was expected to rally if SHIB had gone up as a result of the Shibarium launch. There is also the issue of competition expected between Dogechain and Shibarium, further fueling this correlation.

The problem with such correlations is that they tend to follow the same negative, as well as positive, path. Given this, when the price of Shiba Inu started to fall, Dogecoin followed suit with the expectations that both of these assets would go in the same direction.

Dogecoin price chart from Tradingview.com

DOGE price falls alongside SHIB in volatile market conditions | Source: DOGEUSD on Tradingview.com

Additionally, DOGE, being one of the top 10 largest-crypto in the space, often tracks the performance of Bitcoin quite closely. So as Bitcoin declined off the back of the FOMC meeting, Dogecoin was hit with a double-decker bus, plunging it deep into the red territory.

Can DOGE Price Recover From Here?

It is not all bad news for Dogecoin according to crypto analyst “Tony The Bull.” In a recent analysis, he points out that DOGE had tagged the 1-month parabolic SAR. Now, this is notable because the last time the meme coin touched this level was back in 2021.

Dogecoin price

DOGE tags 1M Parabolic SAR | Source: Tony The Bull on X

The result of this was that DOGE’s price went from $0.0018 to over $0.7. This translated to an over 24,000% increase at the time. So it stands to reason that if the altcoin is tagging this 1M parabolic SAR again, then there could be a rally in the near future.

Related Reading: Will Bitcoin Price Crash Similarly To 2019 And 2020?

However, it is unlikely that the price of DOGE will actually rise more than $50 at this level. This is because the crypto market is still in peak bear season while 2021 was peak bull season. Nevertheless, a rally toward $0.09 is not out of the question.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Tags: dogeDoge priceDogecoindogecoin pricedogeusddogeusdt
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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