Dogecoin‘s future price rise is optimistically anticipated by crypto experts. Yet, not everyone in the field holds this viewpoint. In an interview with CoinTelegraph, Pav Hundal, Swyftx’s lead analyst, cautioned against setting a $1 target for Dogecoin as it could be overly ambitious.
Why Dogecoin Might Not Reach $1
During the interview, Hundal cautions that the Dogecoin price ascending to $1 could be a risky endeavor given its large holder base. He explains this by pointing out that many DOGE investors, who bought into the meme coin in 2021 fueled by hype, are currently experiencing losses at the current prices.
These investors holding losses (underwater dogs) are expected to be patiently waiting for the market to turn around. Once the price begins to rise, they might flood the market with sell orders in an attempt to minimize their losses and lock in any gains.
An additional perspective from the cryptocurrency expert is that the meme coin may underperform due to a lack of depth in this market cycle. In simpler terms, the open interest for this coin has significantly decreased, and the liquidity has shifted towards other meme coins instead.
While Hundal anticipates a pessimistic outcome for Dogecoin, other analysts like Rekt Capital hold a more positive perspective. Instead of seeing the entry of new meme coins and distributed liquidity as threats, Rekt Capital believes Dogecoin can still perform well.
The analyst pointed out that DOGE, being a meme coin, follows a consistent pattern in the cryptocurrency market, which causes it to experience recurring price fluctuations. This observation leads him to anticipate that DOGE’s price could increase further during the current bull run.
Odds Of A DOGE Breakout Are High
Alongside Rekt Capital, crypto expert CobraVanguard holds a positive outlook on Dogecoin. According to their assessment, Dogecoin’s chart displays an uptrend formation, which historically signifies a bullish trend for this cryptocurrency.
Furthermore, an upward triangular pattern has emerged on the graph, which is another indication of potential price growth for the meme coin. Based on these trends, the analyst is optimistic about the coin experiencing another surge in value.
“According to the analyst, DOGE is trapped in an ascending triangle pattern, indicating a strong potential for a bullish price surge. This upward trend may lead to a significant price rise equivalent to the distance between key levels AB=CD. However, the crucial breakout that will fuel further growth has yet to materialize but is expected imminently.”
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2024-04-25 05:11