As a seasoned crypto investor with over a decade of experience navigating market corrections and bull runs alike, I find myself intrigued by the recent analysis suggesting Dogecoin (DOGE) could potentially rally to $0.2, given the ‘bottom formation’ identified by Eliz, an Italian crypto analyst.
The cryptocurrency market is currently undergoing a significant adjustment prior to the U.S. presidential election in 2024. As Bitcoin‘s price dropped below $70,000, the altcoin market is facing increased selling activity. Meanwhile, Dogecoin‘s price mirrors this trend, but an influential crypto analyst suggests that a potential base for most significant altcoins may be forming. At present, Dogecoin trades at around $0.15 and is situated at a key support level to rebuild its bullish energy towards a potential $0.2 surge.
Dogecoin Price Targets $0.2 as Analyst Spots ‘Bottom Formation’
As a crypto investor, I’ve been keeping my eyes peeled on the latest insights from Italian crypto analyst, Eliz. In his recent tweet, he presents an optimistic yet cautious outlook for the crypto market in the coming week. He posits that major altcoins are potentially establishing a temporary bottom following the recent market fluctuations.
Investors should stay patient and alert, as economic factors such as an upcoming election can significantly impact market mood. His assessment indicates a possible setup for Dogecoin’s price, offering a strong opportunity to enter if a “mega range” materializes.
By the deadline, Dogecoin was being traded at approximately $0.15, attempting to find stability with the upward-sloping trendline and a key support level of $0.14. If buyers can successfully regain their lost bullish momentum around $0.143, it’s possible that the price of Dogecoin might initiate its next strong surge.
After the reversal, the market might surge towards a possible price point of $0.02, which represents an approximate increase of 30% if this scenario unfolds.
Large Holders Accumulate Aggressively as 30-Day MVRV Drops to 5.5%
Based on Santiment’s data, the group of large coin holders (with between 10 million and 100 million coins) has noticeably increased their stockpile from approximately 14.66 billion coins to 18.97 billion coins, representing a 30% increase. This substantial accumulation by large holders typically suggests they anticipate price increases, potentially stirring up more optimistic feelings and drawing in further attention from the wider market.
Analyzing historical trends, it’s been observed that the buildup of whale holdings frequently aligns with significant market low points, subsequently supporting a lasting upward trend.
Conversely, if sellers manage to maintain the $0.18-$0.15 price range, the Dogecoin price may experience a pause in its upward trend.
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2024-11-04 02:06