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According to pseudonymous cryptocurrency trader KALEO, Dogecoin's price action will likely be anemic during the next several months.
The next several months will be "death by boredom" due to declining volatility.
The trader believes that DOGE will remain in the $0.085 and $0.11 range until the market heats up again.
According to data provided by CoinGecko, Dogecoin is in 10th place by market capitalization. The leading meme cryptocurrency is valued at $14.8 billion.
Gamza KhanzadaevGalaxyTrading, another pseudonymous cryptocurrency analyst, believes that DOGE will be "leading the charge" in the near future since it tends to serve as a key signal for the entire cryptocurrency space.
So far, the performance of the cryptocurrency market is rather underwhelming, with Bitcoin (BTC) dipping below the $60,000 level.
Still, the upcoming speech of Federal Reserve Chair Jerome Powell, which will take place at Jackson Hole on Friday, could bring more volatility. Powell is expected to indicate how fast the Fed is going to act when it comes to rate cuts. So far, the Fed is expected to settle for a 25 basis-point rate cut in September.
Mushumir ButtDogecoin experienced a massive price surge in 2021 when interest rates were at extremely low levels in the US. The leading meme coin reached its current all-time high of $0.73 in early May 2021.
After the Fed went on a rate-hiking spree in 2022, risky assets such as cryptocurrencies started to struggle.
Earlier this year, meme coins experienced another revival with the Federal Reserve holding interest rates close to zero. However, OG players like Dogecoin recorded relatively modest gains compared to upstarts such as dogwifhat (WIF) and some celebrity meme coins.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team