Hemorrhaging in DOGE to Persist Following Powell’s Hawkish Testimony
Dogecoin prices have been on a downtrend since late February due in part to negative sentiment around Elon Musk’s comment about his interest in artificial intelligence. Mark Yusko, chief investment officer at Morgan Creek Capital Management, added his voice to the criticism saying meme coins like dogecoin have no value. With US Federal Reserve Chairman Jerome Powell signalling that rate hikes may accelerate, Bitcoinist suggests dogecoin price could fall below the $0.0701 support level, despite a recent bullish cross on the daily chart between the 50-day and 100-day EMA, taking the decline to 8%. If buyers enter the market, prices could recover to $0.0823, attracting more investors, but only a daily close above $0.0827 would invalidate the bearish view.
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