Kripto analītiķis CrediBULL Crypto has revealed his bearish expectations for the foremost meme coin, Dogecoin (DOGE). Based on his analysis, the kriptogrāfijas žetons could drop to as low as $0.5 soon enough.
How Dogecoin Could Drop To As Low As $0.5
CrediBULL Crypto mentioned in an X (formerly Twitter) post that dogecoin could drop to that price level depending on Bitcoin’s movement. He further revealed that he would be looking to open a short position if the meme coin first rose to between $0.18 and $0.20. Meanwhile, in a video posted on his YouTube channel, the analyst explained why he believed that dogecoin could indeed drop this low.
According to CrediBULL Crypto, Bitcoin will likely suck a lot of liquidity from altcoins as it begins to rise. This will cause crypto tokens like Dogecoin to experience significant price declines since there isn’t pietiekama likviditāte to sustain an upward trend. Specifically, he noted that DOGE’s decline to $0.5 will come when Bitcoin sasniedz 100,000 XNUMX USD, as he predicts that is when the flagship crypto token will suck up most of the liquidity in the market.
The crypto analyst further claimed that although it might seem unfathomable, Dogecoin dropping to such lows is possible considering the massive rise it already made against its Bitcoin pair. As such, he stated that a 50% pārkvalifikācija is “nothing,” bearing this in mind.
Going forward, he expects Dogecoin to face rejection, like other altcoins, on its next leg up and then drop to between $0.9 and $0.10. He added that a relief pump would likely follow after that, but the meme coin will face another rejection, which will cause its price to “come further down and bleed as Bitcoin skyrockets.”
Dogecoin Will Still Rise To $1
Despite his bearish expectations for Dogecoin, CrediBULL Crypto “100%” agrees with those who have predicted that the meme coin will rise to $1 šajā tirgus cikls. He, however, remarked that this move won’t be as straightforward as some other crypto analysts pretendēt it would be.
Based on his expectations, CrediBULL Crypto disagrees that Dogecoin has bottomed out and will begin to move unfettered to the upside. Instead, he predicts that the meme coin will only make this move after liquidity in the crypto market has rotated to Bitcoin and major cap tokens. Once that is done, he expects that memes will be at the tail end of the rotation, and that is when Dogecoin will make this parabolic rise to $1.
Rakstīšanas laikā Dogecoin tirgo aptuveni USD 0.16, kas ir vairāk nekā par 1% pēdējo 24 stundu laikā. dati no CoinMarketCap.
DOGE price falls below $0.16 | Source: DOGEUSDT on Tradingview.com
Piedāvātais attēls no CNN, diagramma no Tradingview.com
Source: https://bitcoinist.com/can-dogecoin-reach-0-2/