Dogecoin (DOGE) has faced a substantial price correction over the last few days. The asset has dipped 6.1% in the daily charts, 12.4% in the weekly charts, 8.1% in the 14-day charts, and 34% over the previous month. Despite the massive dip, DOGE’s price has risen by 170.9% since February 2024.
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Bybit Hack Pulling The Market Down?
The latest market dip is likely due to the Bybit hack. The exchange was robbed of $1.4 billion worth of Ethereum-related coins. Dogecoin (DOGE) and other assets faced a correction due to the significant dip in investor sentiment.
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DOGE’s price was falling even before the Bybit hack. Macroeconomic factors have played a hand in the crypto market’s lackluster performance. The Fed has paused interest rates but is yet to announce a rate cut this year.
Dogecoin Predicted To Hit A New All-Time High
According to CoinCodex, DOGE will break into a rally over the coming weeks. The platform anticipates the memecoin to breach the $1 mark for the very first time. The development would mean a new all-time high for the original memecoin. CoinCodex predicts DOGE will trade at $1.11 on Mar. 20. DOGE will rally by about 404.5% if it hits the $1.11 target. The platform does not expect DOGE’s price to hold above the $1 mark. CoinCodex predicts DOGE will face a correction after breaching $1.
Changelly also presents a very similar outlook for Dogecoin (DOGE). Like CoinCodex, Changelly also expects DOGE to trade at $1.11 on Mar. 20. Changelly also anticipates DOGE to face a correction after crossing the $1 mark.
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There is also a possibility that DOGE will not breach the $1 mark in March. The crypto market is yet to recover from its recent correction. Macroeconomic factors may also present considerable hurdles.
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