Dogecoin (DOGE) at Risk of Rejection Regardless of Next Bitcoin Move, According to Analyst – Here’s His Outlook
Release: 2024/05/30 08:06 Reading: 888
A crypto strategist known for going against crowd sentiment warns that Dogecoin (DOGE) will likely dip even if Bitcoin (BTC) breaks out to new all-time highs.
Pseudonymous analyst Credible explains to his 395,500 followers on the social media platform X that DOGE could fall regardless of BTC’s next move.
“Right so two main ways something like DOGE would reject and bleed down:
- BTC rejects and bleeds down. 2. BTC prints an absolutely chad of an impulse candle which is so big and strong that the collective attention of the space shifts to BTC for a period of time and liquidity begins to flow out of the 10,000,000 other alts (of which DOGE is one) and into BTC as it begins to go vertical…
As always, some alts will be an exception to the liquidity drain and some will be affected more than others.”
Last week, Credible predicted BTC would ignite a monster move soon en route to $100,000. In such a scenario, he expects traders to unload their altcoin holdings to ride the BTC rally.
Fellow crypto analyst Ali Martinez also keeps a close eye on the leading memecoin. According to Martinez, Dogecoin faces a stiff resistance level but notes the memecoin could witness a 100% surge if DOGE bulls take out the $0.171 area.
“Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion DOGE. However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322.”
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Source: Ali Martinez/X
At the time of writing, DOGE is worth $0.166.
Source: https://thebittimes.com/dogecoin-doge-at-risk-of-rejection-regardless-of-next-bitcoin-move-according-to-analyst-here-s-his-outlook-tbt90422.html
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