Dogecoin has been moving sideways lately, with very little action. This low volatility is a sign of weak interest from traders, which could keep DOGE stuck in this range for a while.
Stagnant Price Action
Dogecoin is currently trading at $0.1430, down 5.22% in the past day. It has been bouncing between $0.172 and $0.12 since mid-April.
Factors Influencing DOGE’s Price
As a meme coin, DOGE’s price is mainly driven by whale movements and hype from traders. When there’s a lot of demand, volatility increases and prices go up.
Low Volatility, Indecisive Market
When volatility is low, it means the price isn’t moving much in either direction. The market is in equilibrium, and neither bulls nor bears are in control.
What’s Next?
DOGE could continue trading around $0.14 in the near term. If the $0.14 support level breaks, it could drop to $0.12. However, DOGE’s large market cap means this low volatility period could end suddenly.
Tesla Rumors and Opportunity
Rumors of Tesla accepting Dogecoin as payment have sparked some bullish sentiment. This could boost demand and increase volatility.
For traders, this lack of action provides an opportunity to accumulate DOGE while waiting for a potential price increase in the long term.
