web3.0Dogecoin (DOGE) Price Action Will Likely Be Anemic During the Next Several Months, Pseudonymous Cryptocurrency Trader KALEO Says
The next several months will be "death by boredom" due to declining volatility.
Dogecoin (CRYPTO: DOGE) price action will likely be dull over the next several months, according to pseudonymous cryptocurrency trader KALEO.
Several months of "death by boredom" are expected as volatility continues to decline.
The trader sees DOGE remaining in a range between $0.085 to $0.11 until the market begins to heat up once again.
Dogecoin currently ranks 10th in market capitalization, according to data from CoinGecko. The leading meme cryptocurrency is valued at $14.8 billion.
GalaxyTrading, another pseudonymous cryptocurrency analyst, sees DOGE "leading the charge" in the near future as it tends to serve as a leading indicator for the entire cryptocurrency space.
The performance of the cryptocurrency market has been lackluster to start the year, with Bitcoin (CRYPTO: BTC) dipping below the $60,000 level.
However, the upcoming speech from Federal Reserve Chair Jerome Powell at Jackson Hole on Friday could introduce more volatility. Powell is expected to provide an indication of the speed at which the Fed will act when it comes to cutting interest rates. Currently, the market is pricing in a 25-basis-point rate cut in September.
Dogecoin saw a massive price increase in 2021 as interest rates were extremely low in the U.S. The leading meme coin reached its current all-time high of $0.73 in early May 2021.
After the Fed began raising interest rates in 2022, risky assets like cryptocurrencies took a hit.
Meme coins saw another rally earlier this year as the Federal Reserve kept interest rates near zero. However, OG meme coins like Dogecoin saw relatively smaller gains compared to new tokens like dogwifhat (CRYPTO: WIF) and some celebrity meme coins.
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