Dogecoin Price Soars: Can DOGE Recover to $0.10 Soon?6. March 2023
• Dogecoin price has been affected by the Federal Reserve raising interest rates and Jerome Powell’s deflationary comments.
• Investors are watching key economic data releases for March to determine the direction of Dogecoin prices.
• A break above the psychological resistance at $0.10 could be DOGE’s ultimate catalyst for gains back to $0.0159.
Dogecoin Price Declines
Dogecoin (DOGE) price dropped this week in tandem with the rest of the crypto market amid regulatory pressure and the ‘ghosts’ of the messy implosion of Sam Bankman-Fried’s FTX exchange. The largest and most popular meme coin was affected by the Federal Reserve raising interest rates by 25 basis points, as well as Jerome Powell’s deflationary remarks which indicated inflation would be a dominant issue over coming months.
Key Economic Data Releases For March
Investors are looking forward to key economic data releases for March, culminating with the much-awaited FOMC meeting toward the end of the month, in order to ascertain where Dogecoin is heading. Two points of control are coming up strongly to guide its direction – these are psychological resistance at $0.10 and critical support at $0.07. If Dogecoin slides below $0.07, investors can anticipate declines down to as low as $0.05; alternatively, if it breaks above $0.10 then it could see gains back up to its October 2022 high of $0.0159 .
Support Areas To Watch Out For
The loss of support at $0.08 implies chances of overhead pressure surging this weekend are high; therefore all eyes are glued on tentative support areas at both: $0.074 and $ 0 .07 respectively . Should these levels be breached then it will signal further declines ahead towards lower levels such as:$ 0 .06 and even worse off, possibly down to$ 0 .055 .
Elon Musk Reveals Transition From Crypto To AI
Dogecoin was recently thrust into spotlight after Elon Musk revealed he would transition from crypto to artificial intelligence (AI). Although this news made some investors nervous, they remain hopeful that Elon’s influence will eventually help drive DOGE prices higher once again soon in future trading sessions..
In conclusion , recent economic developments have caused a dip in Dogecoin prices; however investors remain optimistic that prices may recover soon due to upcoming economic data releases being closely monitored and Elon Musk’s transition from crypto into AI technology which may lead to increased investment in DOGE coins in future trading sessions