Dogecoin Price Prediction: Will DOGE Fall to $0.061 If Bitcoin Dips to $70k?
Dogecoin (DOGE) is struggling to find support amid renewed selling pressure in the broader crypto market, which is grappling with inflation fears, leveraged liquidations and waning investor confidence. DOGE was trading around $0.068 on Wednesday, down 2.88% from a market selloff Tuesday.
The meme coin fell more than Bitcoin’s 2.08% loss in the same session, showing its greater sensitivity to market volatility. This weakness poses questions about how low Dogecoin could fall if Bitcoin crashes to $70,000. Recent price action suggests DOGE could retest the $0.063-$0.061 support zone, with increased selling pressure potentially bringing the $0.060 level into play.
Bitcoin Sinks as Hot US Inflation Sparks Crypto Market Sell-Off
The cryptocurrency market came under fresh selling pressure after US inflation data exceeded expectations, raising fears of elevated interest rates. U.S. consumer prices rose 0.4 percent in October, more than the 0.3 percent that economists expected.
Core inflation increased by 0.3% against the anticipated 0.2%. The figures tempered expectations for monetary policy easing and prompted investors to cut exposure to riskier assets such as cryptocurrencies.
This is why the inflation announcement led to massive liquidations across crypto derivatives markets. Within an hour of the report, some $178 million in leveraged bullish positions had been liquidated. Total crypto futures liquidations then came in at around $716 million over 24 hours, with long positions accounting for the majority of the losses.
Bitcoin plunged below $73,000 in Tuesday’s selloff and was trading below $73,500 on Wednesday. Ethereum also cracked $2,050, down almost 4% since the beginning of the week, and XRP edged closer to $1.
Institutional investor activity added additional pressure. US spot Bitcoin exchange-traded funds saw net outflows of about $95 million on Tuesday, their fourth straight session of outflows. Together, they have seen net withdrawals of about $1.6 billion since the start of November. Ongoing outflows may further dent market sentiment and increase downside risks for Bitcoin and other cryptocurrencies.
Dogecoin hits yearly low as whales exit Dogecoin saw heavier selling pressure than Bitcoin, reaching an intraday low of $0.0666 on Tuesday. This saw the price drop to its lowest level of the year, breaking below the previous low from November 8 near $0.0670. The failure of Monday’s temporary recovery suggests buyers are having difficulty maintaining upside momentum.
Trading picked up during the decline as well, with combined volume across tracked exchanges up about 35% from Monday. The number of sellers is growing, which results in a higher volume of trading and falling prices.
The big Dogecoin holders also cut their collective balances by some 750 million DOGE during the drop. The data covers wallets that hold between 100,000 and 100 million tokens and shows changes since November 3. Selling across spot and futures markets suggests weakening demand from larger market participants.
Dogecoin Support at $0.065 in Danger as Technical Momentum Fades
Currently, the technical indicators of Dogecoin show a bearish market structure. DOGE is trading below its 50-day, 100-day and 200-day exponential moving averages, between roughly $0.079 and $0.088. Traders trading below these important averages are a sign sellers are still in control of the short, medium and long-term trends.
The daily Relative Strength Index (RSI) is in the low 30s and is getting close to the traditional oversold level of 30. It also means a short-term recovery is possible if buyers step in, though it does indicate weakening buying momentum.
In the meantime the Moving Average Convergence Divergence (MACD) indicator is still slightly below zero, which favors the bearish view.
On the downside, the immediate support zone is still near $0.065, with Tuesday’s low at $0.0666 being an important reference point. A sustained break down could see the next support near $0.061 But a daily close below $0.061 on increasing trading volume will strengthen the bearish scenario.
Will BTC Drop to $70K Push DOGE to $0.061-$0.063?
Furthermore, a potential drop of Bitcoin to $70,000 could add additional pressure on Dogecoin to fall. Bitcoin would have to fall about 5% from its Tuesday close of almost $73,698 to reach that point.
The recent market movements indicate that Dogecoin has fallen about 1.4 times more than Bitcoin’s in selected sessions. If this trend persists, a 5% correction in Bitcoin may result in a drop of approximately 7% in DOGE.
In this scenario, Dogecoin would fall to $0.063, from $0.068. If DOGE falls by the same percentage as Bitcoin, it could drop to about $0.061.
Dogecoin price potential scenarios:
| Market Scenario | Potential DOGE Price |
|---|---|
| Current trading reference | $0.068 |
| Moderate bearish correction | $0.063 |
| Stronger selling pressure | $0.061 |
| Extreme bearish scenario | $0.060 |
| Bullish recovery | $0.0685–$0.0702 |
If Bitcoin continues to breakdown below $70,000 fresh leveraged liquidations and whale selling could see Dogecoin move toward $0.060. Alternatively, if Bitcoin rebounds above $75,000, a positive change in market sentiment might help DOGE defend its recent yearly low and recover toward $0.0685–$0.0702.
Overall, Dogecoin remains bearish in the near-term as it trades below key moving averages. The $0.063-$0.061 range is an important downside zone to watch if Bitcoin rallies to $70,000. These levels are scenario-based estimates and not guarantyd price targets, as market liquidity, investor sentiment and Bitcoin’s next move will impact DOGE’s direction.
