Dogecoin Price Tries to Recover - When Will it Pass $0.10?

cryptonews.com:

Dogecoin (DOGE), the cryptocurrency that powers the dog meme-inspired payments-focused blockchain Dogecoin, attempted to stage a recovery on Monday, at one point rallying to its highest level in five days above in the $0.086 area. However, the cryptocurrency has since given back earlier gains to trade closer to $0.081, where it now trades down around 1.0% on the session.

Total cryptocurrency market capitalization was last down around 2.3% on Monday, according to CoinMarketCap. Prices are facing selling pressure at the start of the week thanks to a reports of a fresh round of regulatory enforcement action by the US Securities and Exchange Commission over the weekend.

The SEC is reportedly now targeting US-based stablecoin issuer Paxos over violating consumer protection laws and issuing stablecoins as unregistered securities. Paxos has now halted its minting of BUSD tokens. This comes at a time when the SEC also has US-based crypto staking services in its sights – the agency forced crypto exchange Kraken into a settlement and to shutter its staking service last week.

Increased regulatory uncertainty as traders mull what aspect of the crypto industry is in the SEC’s firing line thus prevented Dogecoin from holding to the north of its 100-Day Moving Average at $0.085, or from retesting its 21DMA in the $0.088 area. For now, the cryptocurrency is holding above the $0.08 level, which has acted as a strong area of resistance and support since late 2022, as well as holding close to its 50DMA.

Trading conditions are likely to remain cautious on Monday and early on Tuesday, with crypto traders in wait-and-see mode ahead of the upcoming release of US Consumer Price Index inflation data on Tuesday. The data is expected to show a rise in