Key Takeaways:
- The price of Dogecoin (DOGE) eyes a possible 40% drop in the coming days
- Dogecoin developers hope to release the 1.14.6 network update by the end of June
- A US Senate candidate hopes to make Dogecoin a legal currency in the state of California
YEREVAN (CoinChapter.com) – The price of Dogecoin (DOGE) could drop further by an additional 40% to reach $0.04, charts reveal. Fueled by the recent selloff and the low trading volumes in the market, the popular meme coin has a hard path to recovery.
As May came to a close, DOGE regained lost momentum to print a series of green candles. By May 31, 2022, it had reached a daily high of $0.088. However, since then, the price has been stagnant.
The Bollinger Bands volatility indicator also spells trouble for Dogecoin’s price. The gap between the price movements of the token and the indicator’s lower band is growing narrower. This indicates that the token awaits a volatile move, which may end up being a bearish reversal.
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The price of Dogecoin (DOGE) could swing either way
At the time of writing, DOGE exchanged hands at $0.08384 per token, over 88% from its all-time high of $0.7376 on May 8, 2021. Should the price reversal occur, DOGE will look to find support at $0.07, about 16% below its current price.
However, a further dip could extend the price correction by over 40%, bringing it down to $0.048.
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Meanwhile, on a bullish angle, a short-term price recovery could help DOGE gain around 30% to settle for $0.017. In the longer term, however, a massive 100% gain to the $0.169 price range is not out of the question.
Could Dogecoin (DOGE) become a legal tender in California?
Cryptocurrencies have become one of the most popular topics in politics. From collecting donations to making pro-Bitcoin (BTC) promises during election campaigns, they are everywhere.
In April, CoinChapter reported about the plans of the Japanese Government to have a Web3 Minister. Meanwhile, in the United States, the anti-crypto lobby is gaining strength.
However, against all odds, one US Senate candidate hopes to make Dogecoin (DOGE) a legal currency in California.
In a tweet earlier this month, healthcare worker and Senate hopeful Timothy Ursich appealed to TESLA CEO Elon Musk, and Dogecoin co-founder Billy Markus, to support his campaign in California.
“If voted in/elected on June 7th, I will draft a bill proposing Dogecoin as Legal Tender. I will push for mass adoption via the universal utility of cryptocurrency,”
he promised.
While Musk has not thrown his weight behind Ursich, the co-founder of Dogecoin has clarified he won’t be voting. However, with only a day to go before the election date, the results could help the price of Dogecoin (DOGE) recover in the long run.
If Ursich is elected, his attempt to legalize Dogecoin in California will help generate awareness about DOGE and cryptos in general. Moreover, the debate will bring the meme coin into the mainstream political discussion. The impact of such an event could reflect on the price of Dogecoin (DOGE) in the coming days.
Meanwhile, the developers of Dogecoin hope to release the 1.14.6 network update by the end of June. This will improve the overall user experience while at the same time making it easier to use and more secure.
