• Dogecoin price dropped this week due to regulatory pressure and the ‚ghosts‘ of the messy implosion of Sam Bankman-Fried’s FTX exchange.
• Investors are looking forward to key economic data releases for March to ascertain where Dogecoin price is heading.
• If DOGE slides below $0.07, a sweep down to $0.06 and $0.055 is likely, however if it breaks above $0.10, gains back to $0.0159 could be expected.
Dogecoin Price Drop
Dogecoin (DOGE) started giving back gains accrued in January at the beginning of February when the Federal Reserve hiked interest rates by 25 basis points, which initially caused investors to believe that it was good for risky asset classes but quickly became less impactive with inflationary data released later on. As a result, Dogecoin price has dropped 5.4% in seven days amid the current crypto market bleed with investors now turning their attention to key economic data releases coming up in March culminating with the FOMC meeting towards the end of the month.
Technical Picture
The loss of support at $0.08 implies chances of overhead pressure surging this weekend are high, with investors now watching two points closely; psychological resistance at $0.10 and critical support at $0