According to CrediBull Crypto’s analysis as a cryptocurrency expert, the value of Dogecoin (DOGE) might decrease, potentially reaching a minimum of $0.5.
How Dogecoin Could Drop To As Low As $0.5
In a recent X (previously Twitter) post, CrediBULL Crypto shared his perspective that Dogecoin’s price might fall to a certain level based on Bitcoin‘s trends. He also expressed his intention to initiate a short position once Dogecoin reaches $0.18 to $0.20 if it rises first. In his YouTube video, the analyst elaborated on why he thought Dogecoin was at risk of dropping to that price point.
Based on CrediBULL Crypto’s analysis, Bitcoin’s expected rise may lead to a significant decrease in altcoins’ value due to a lack of sufficient liquidity to support their upward trends. For instance, Dogecoin might drop to $0.5 when Bitcoin reaches $100,000, as this is the point where Bitcoin is predicted to absorb most market liquidity.
The crypto expert added that even though it may be hard to believe, Dogecoin reaching such low points is a possibility given its significant increase relative to Bitcoin. Therefore, he pointed out that a 50% decrease is insignificant in light of this information.
Moving forward, he predicts Dogecoin may encounter rejection during its upcoming price surge, similar to other alternative coins. Consequently, its value could dip to the range of $0.9 to $0.10. He also mentioned that a pump to alleviate this downturn is probable, but Dogecoin will once again be rejected and experience a significant decrease as Bitcoin soars.
Dogecoin Will Still Rise To $1
Although CrediBull Crypto is pessimistic about Dogecoin’s price, he concurs with those who anticipate the meme coin reaching a value of $1 during this market cycle. However, he cautions that achieving this goal may not be as simple as some analysts suggest.
According to CrediBULL Crypto’s perspective, Dogecoin has not yet reached its bottom and will not experience significant upward momentum until after the crypto market’s liquidity shifts towards Bitcoin and larger tokens. Once this rotation occurs, Dogecoin is predicted to follow suit and undergo a parabolic rise towards $1.
Currently, Dogecoin is priced at approximately $0.16 during this writing process. There has been a rise of more than 1% within the previous 24 hours based on information obtained from CoinMarketCap.
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2024-04-25 02:11