Dogecoin Worth Prediction: DOGE remains to be in Consolidation Mode – InvestingCube
Dogecoin price is eerily calm as investors wait for the latest US inflation data for Thursday. DOGE is trading at $ 0.3350, which is still 55% below its year-to-date high of $ 0.7512. It has a market capitalization of more than $ 43 billion, making it bigger than many American companies like Stitch Fix, United Airlines, and Occidental.
What happened: Dogecoin is in a consolidation mode as calls for cryptocurrency regulations increase ahead of US inflation data. In a statement yesterday, Elizabeth Warren, the vociferous Senate of Massachussets, said regulators need to approach cryptocurrencies directly. Those calls are likely to be compounded after it was revealed that JBL, the largest meat processor in the United States, paid $ 11 million to hackers. She said:
“Cryptocurrency created opportunities to scam investors, help criminals, and exacerbate the climate crisis. The threats posted by crypto show that Congress and federal regulators cannot hide any further in the hope that crypto will go away. It will not. It is time to face these problems directly. “
Meanwhile, Dogecoin and other cryptocurrencies are waiting for another catalyst. That could happen later today when the US releases its inflation figures. The data is being watched closely as it could affect what the Fed will do later this year. Should inflationary pressures persist, the bank could be forced to start tightening earlier than expected. This in turn will lead to a rotation from risky assets to value.
Dogecoin price prediction
The daily chart shows that the DOGE price has been in a consolidation over the past few days. Along the way, the coin has formed a symmetrical triangle. Notably, this triangle is approaching its confluence zone, meaning the coin could break out soon.
A symmetrical triangle is usually difficult to predict, but since it formed after a major uptrend, there is a chance it could break out higher. If so, Dogecoin is likely to break higher and retest the next major resistance at $ 0.7427. The stop on such a trade will be a break below the psychological stop at $ 0.2500.
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