Dogecoin Price Prediction as $650 Million Trading Volume Comes In – Can DOGE Recover to $0.10 Soon?

cryptonews.com:

The largest and most popular meme coin, DOGE, is back in the spotlight after its most significant fan, Elon Musk revealed he would transition from crypto to artificial intelligence (AI).

Dogecoin 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.DOGE started giving back gains accrued in January at the beginning of February when the Federal Reserve rained down on the aggressive bullish party by hiking interest rates by 25 basis points.At the time, investors believed a 0.25% increase in interest rates was good for risky asset classes.

However, Jerome Powell’s deflationary remarks quickly became less impactive as more data like the Consumer Price Index (CPI) the Non-farm payrolls, and the unemployment report indicated inflation would be a dominant issue over the coming months.As the crypto market bleeds, including DOGE’s 5.4% dip in seven days investors are looking forward to key economic data releases for March, culminating with the much-awaited FOMC meeting toward the end of the month.That said, investors, especially retail investors are likely going to retreat to the sidelines until they can ascertain where the crypto market and more specifically Dogecoin price is heading.Note that 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 $0.074 and $0.07, respectively.Dogecoin price would remain in the good graces of the bulls as long as its leg does not stretch further than $0.07.