• Dogecoin price dropped this week in tandem with the rest of the crypto market amid regulatory pressure and the ‚ghosts‘ of FTX exchange.
• Investors looking forward to key economic data releases for March, culminating with the FOMC meeting at end of month.
• Critical support at $0.07 and resistance at $0.10 are two points of control that could guide direction Dogecoin price takes in first quarter.
Dogecoin Price Drops Amid Regulatory Pressure
Dogecoin price dropped this week in tandem with other cryptocurrency prices as regulatory pressure and issues surrounding Sam Bankman-Fried’s FTX exchange caused a selloff. Investors are now looking forward to key economic data releases for March, which will culminate in the much-awaited Federal Open Market Committee (FOMC) meeting toward the end of the month.
Critical Support & Resistance Levels
Two points of control are coming up strongly to guide the direction Dogecoin price could take in this first quarter: psychological resistance at $0.10 and critical support at $0.07. A break above $0.10 could provide DOGE with a catalyst for gains back to its October 2022 highs near $0.0159, while declines below $0.07 would mean more downside risk targeting levels near $0.06 and even lower levels near $0.055 .
Elon Musk & AI Transition
Dogecoin is back in spotlight after Elon Musk revealed he would transition from cryptocurrency to artificial intelligence (AI). This followed an aggressive bull run that started in January when Federal Reserve increased interest rates by 25 basis points, which investors initially believed was good news for risky asset classes such as cryptocurrencies like DOGE..
Can DOGE Recover Soon?
The loss of support around $0.08 implies chances of overhead pressure surging this weekend are high, so all eyes are glued on tentative support areas around $0.074 and $0