Dogecoin (DOGE) is undergoing a steep price crash. The original memecoin has dipped 4.9% in the daily charts, 1.6% in the weekly charts, 6% in the 14-day charts, and 8.3% over the previous month. Despite the correction, CoinGecko Dogecoin data shows that DOGE’s price has risen by more than 100% since August 2024.
Will Dogecoin’s Price Crash Recover In September?
DOGE’s latest price correction comes amid a market-wide dip. Bitcoin (BTC) has fallen to the $111,000 price level and faces risks of dipping below $110,000. The market-wide correction could be due to increased profit-taking after Bitcoin (BTC) and Ethereum (ETH) hit new all-time highs this month. According to CoinGlass data, the crypto market faced $837.89 million worth of liquidations in the last 24 hours.
September has usually been a bearish month for Bitcoin (BTC). Given that BTC is the market leader, Dogecoin’s (DOGE) price will likely follow its trajectory. If the crypto market follows its historical pattern, we may see a continued price dip over the next month.
On the other hand, there is also a high chance that the Federal Reserve will cut interest rates in September. Interest rate cuts usually lead to a surge in risky investments. Dogecoin (DOGE), being a memecoin, is among the riskiest of assets. A rate cut could lead to increased inflows into DOGE. Such a scenario could lead to DOGE recovering its losses in September.
Also Read: Dogecoin Is The Last Memecoin In Top 25: DOGE Meme King?
CoinCodex analysts also anticipate Dogecoin (DOGE) to recover from its recent price crash in September. The platform predicts DOGE to hit $0.284911 on Sept. 20. Hitting $0.284911 from current price levels will entail a rally of about 30.27%.
The crypto market is still facing a lot of volatility. Dogecoin’s (DOGE) price could pivot in any direction. The Federal Reserve’s stance on the US monetary policy will likely set the tone for which way the market moves. A hawkish stance could lead to a prolonged consolidation phase.
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