Dogecoin Under Pressure And ‘Going To Zero’, Analyst Says – Here’s Why
Release: 2024/06/13 20:30 Reading: 446
Dogecoin: Facing a Moment of Uncertainty
The beloved Dogecoin, renowned for its Shiba Inu mascot and playful origins, is currently navigating a challenging period. A substantial sell-off by a "whale" investor recently shook the DOGE community, raising questions about its long-term prospects.
Mags' Analysis Paints a Bleak Picture
Crypto analyst Mags has emerged as a prominent voice of caution for Dogecoin. Employing a proprietary charting method, Mags identifies distinct phases in the meme coin's price history. Phase 3, according to Mags, presents a worrying trajectory that suggests a potential decline towards zero.
Mags asserts that DOGE is "bearish" and destined to become worthless:
$DOGE is bearish and is going to zero.
Don't believe me? See for yourself
This prediction stems from DOGE's cyclical nature, characterized by short-lived price spikes followed by prolonged downtrends. While a temporary surge to $1.70 is possible in Phase 3, Mags urges investors to remain skeptical of such optimism.
Technical Indicators Signal Caution
Despite a recent price increase, technical indicators paint a concerning picture. The Relative Strength Index (RSI) remains neutral, indicating indecision among investors. Moreover, DOGE is trading below its key moving averages, with the 200-day EMA providing support at $0.123. A breach of this level could trigger further declines, potentially towards the $0.07 mark.
A Glimmer of Hope Amidst the Uncertainty
Mags' analysis and technical indicators may cast a shadow, but there are still reasons for cautious optimism. Increased trading volume suggests activity, possibly indicating buying from loyal DOGE supporters. Furthermore, overcoming the resistance level of $0.14 could signal a potential trend reversal. However, such a scenario would require a shift in market sentiment and a departure from historical patterns.
The Influence of Elon Musk and Market Sentiment
Elon Musk, the self-proclaimed "Dogefather," has been a significant influencer of Dogecoin's price in the past. However, his recent silence has left DOGE without a strong catalyst for upward momentum.
According to CoinCodex, technical analysis predicts a 13% decrease in Dogecoin's price to $0.12 by July 13, 2024. The current sentiment is Bearish, suggesting expectations of continued price declines. Despite this, the Fear & Greed Index stands at 70, indicating a high level of investor greed.
Volatility and the Prospect of Short-Term Rallies
In the past 30 days, Dogecoin has experienced positive price movements 47% of the time. However, its price volatility has also been significant (5.10%). This volatility, combined with the bearish sentiment, suggests further price declines may be possible. However, investor optimism, as reflected by the Fear & Greed Index, could lead to short-term price rallies.
The future of Dogecoin remains uncertain. While Mags' analysis raises concerns, the recent price increase and the potential for a trend reversal provide some reasons for hope. Investor sentiment and Elon Musk's actions will likely play a significant role in shaping the meme coin's trajectory in the coming months.
Recent news
More>- 5 Best Crypto Presale Coins for 2025 [Updated List for 2025] 11-29
- Ethereum Meme Coin Watch: CatSlap +20%, Pepe +7% as ETH Outperforms Bitcoin 11-29
- Whales Dumping Pepe Coin As Prices Correct, Time To Sell? 11-29
- Binance Launches ‘PayDay’ Global Crypto Shopping Event with $200K Crypto Cashback 11-29
- Ethereum price up 15%—here are the meme coins to watch this altcoin season 11-29
- Dogen (DOGEN): Experts Predict 25,000% Returns – Outshining DOGE and SHIB in 2025! 11-29
- How Dogecoin Overtook Porsche in Market Cap, Hitting $54.7 Billion Milestone 11-29
- Is PEPE Price Breakout Imminent? Analyst Predicts It’s About to Go Crazy—Here’s Why! 11-29
- Next Bonk? Dogen on Track for 15,000% Gains by 2025 – Don’t Miss the Rocket! 11-28
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com