The cryptocurrency market is showing signs of a slight recovery after its most recent bloodbath. Bitcoin (BTC) rallied 3.8% in the last 24 hours and is inching closer to $80,000 once again. The global crypto market cap has climbed 3.7% in the previous 24 hours to $2.59 trillion. Dogecoin (DOGE) also follows a similar path. The original memecoin is up 10% in the daily charts. Despite the rally, the asset is down 10.8% in the weekly charts, 17.3% in the 14-day charts, 20.8% in the monthly charts, and 26.5% since April 2024.

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Spell Of Tariffs Grip Financial World

Dogecoin (DOGE) and other cryptocurrencies faced a massive price dip on Monday, Apr. 7. Global stock markets also plummeted as a result of President Trump’s tariffs. China witnessed its worst stock market crash since 2008. Japan and Taiwan had to halt trading due to circuit breaks. China has slammed a 34% tariff on the US. President Trump has threatened China with an additional 50% tariff if they do not revoke its decision by Tuesday.

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The crypto and stock markets are seeing some recovery today. Despite the rally, DOGE and other assets still have a long way to go before recovering losses.

Will Dogecoin Hit $0.20 Next?

According to CoinCodex, DOGE may break out over the next few days. The platform anticipates the asset to hit $0.75 on Apr. 24. DOGE’s price will rally by about 400% if it hits the $0.75 target. CoinCodex does not expect DOGE’s price to hold above $0.75. The platform anticipates a correction to about $0.30 by late June.

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There is also a high probability that Dogecoin (DOGE) will not rally as anticipated by CoinCodex. Trade tariffs and macroeconomic conditions continue to pose substantial challenges to the crypto market. The market may consolidate around current levels until the tide settles.