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Since its crash in August 2023, Dogecoin (DOGE) price has been trading sideways without any significant breakout. Despite the bullish expectations from investors, the popular dogcoin remains 41% below its yearly peak. The hopes of a Twitter integration are also fading as SEC tightens its screws against the crypto companies in the US.
Despite a 1.45% drop on Thursday, the DOGE coin is still retaining some of its weekly gains. At the time of writing, the biggest memecoin is trading at $0.061. The drop in BTC price has also impacted the altcoin prices. Most coins are trading close to their weekly lows.
In one of the major developments in the crypto space this week, New York Department of Financial Services (DFS) removed several coins from its approved 'greenlist'. The latest change by the New York regulator comes when the crypto industry is already facing strong headwinds due to regulatory restrictions.
The assets removed from the greenlist include Dogecoin, Litecoin, and Ripple's XRP, which recently won the case against SEC. The move is expected to significantly impact the crypto businesses operating in the jurisdiction of DFS. This may also affect the Dogecoin price in the longer run.
As mentioned in my last analysis, smart money is constantly moving out from DOGE to BTC. This is because the risk appetite of the investors has significantly decreased in the past few weeks. The Memecoin market has been in a slump since Bitcoin's rejection from the $30,000 level.
The DOGE/BTC pair has been constantly making lower highs and lower lows since the start of 2023. This is proof that big money is preferring Bitcoin over the dog-themed memecoin.
The weak Bitcoin price action is keeping the DOGE price within a very narrow range. The following chart shows a prolonged price action within the $0.0606-$0.0647 range on the 4H timeframe. After a recent rejection from the middle of this range, the price is now heading towards the range lows. Due to this outlook, my Dogecoin price prediction remains bearish.
Memecoins are the most volatile class of cryptocurrencies. Unlike other digital assets, these coins are driven purely by hype and euphoria. The popularity of the PEPE coin earlier this year has shown that there is still interest in these coins. Dogeocoin enjoys eminent status in the memecoin world due to its support by the tech billionaire and Twitter chief, Elon M
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