Dogecoin (DOGE) followed the market rally in late February 2024, climbing a few spots on the chart. However, the asset has faced a sharp correction over the past few days. DOGE’s price is down 12.6% on the daily chart, 24.5% on the weekly chart, and 27.5% on the 14-day chart. However, the popular memecoin is still up nearly 57% from the last month and is up 75.5% since March 2023.
DOGE’s latest price correction may be due to Bitcoin’s (BTC) drop below $65,000. On the other hand, the collapse in Bitcoin price may be affected by macroeconomic factors. In February 2024, U.S. inflation rose to 3.2%. Rising inflation may have fueled the Fed's plans to cut interest rates. This development may cause investors to withdraw from riskier assets such as cryptocurrencies.
Dogecoin (DOGE) Price Prediction for the End of March
According to CoinCodex, Dogecoin (DOGE) may drop to $0.117764 on March 31, 2024, which would be a drop of approximately 10.6% from current levels. Additionally, the platform expects DOGE to consolidate around $0.11 for most of April 2024.
On the other hand, Changelly expects DOGE’s price to rebound by the end of the month. The platform predicts that DOGE will rise to $0.137940 by March 31, 2024, an increase of approximately 4.74%. However, Changelly predicts that DOGE’s price will remain stable around $0.13 for most of April 2024.
Although Bitcoin (BTC) is set to undergo its next halving cycle in April, few platforms expect Dogecoin (DOGE) to take full advantage of the situation. The bearish outlook and lackluster investor sentiment may be due to the macroeconomic situation. If U.S. inflation is able to slow down in March, we may see a surge in the cryptocurrency market.
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