June 21, 2024
1 Solar System Way, Planet Earth, USA
Crypto

Dogecoin Price Prediction: 30% Drop Before 1300% Rally? The analyst says it all

The Future Trajectory of Dogecoin (DOGE) remains the subject of intense debate, with cryptoanalysts weighing where the biggest meme coin is headed. The analysis of cryptanalyst Captain Toblerone is the center of attention, given how the most important meme coin The price action has continued to align with its prediction.

DOGE 30% Drop Still in Play

In an X (formerly Twitter) mailCaptain Toblerone mentioned that Dogecoin will experience a 30% price drop from its current price level. He further stated that the next reload area is at $0.108. He predicted that Dogecoin would make a 1,300% rally from that level, indicating that one should get 13x from the recharge area.

Dogecoin
Source: X

A 1,300% move for Dogecoin means the meme coin will rise as high as $1.5. This prediction aligns with others made by crypto analysts like Ali MartinezWHO predict that the meme coin could reach $1 in this cycle. This also seems feasible given that crypto analyst Kevin (formerly OG Yomi) once alluded to to Dogecoin's movement in previous bull markets as why the meme coin could surpass $3.

However, while Dogecoin appears poised to make such a parabolic move, Pav Hundal, senior analyst at Australian exchange Swyftx, has explained what could prevent the meme coin from reaching the dollar. He alluded to the fact that some Dogecoin holders bought the meme coin at its market peak in the last bull run.

He believes that these holders will look to take profits once DOGE hits a new all-time high (ATH) in this bullish cycle. Therefore, depending on the magnitude, such selling pressure could prevent the meme coin from reaching the dollar. He also suggested that DOGE could see enough liquidity to take it to such a level, as many more coins memes They are on the market now.

However, cryptoanalyst Rekt Capital does not agree with Hundal. He called Dogecoin “one of the most cyclical altcoins in the space.” Therefore, he expects the meme coin to make a parabolic move, as he has done in previous cycles.

In fact, Dogecoin could fall to $0.10

Crypto Analyst CrediBULL Crypto He has also predicted that Dogecoin could fall as low as $0.10. However, the analyst expects the meme coin to first experience a relief pump and rise to as high as $0.18. He revealed that he will look to sell the meme coin at the $0.18 price level as it descends to $0.10.

However, Dogecoin is not the only meme coin that CrediBULL Crypto expects to drop significantly. He predicts that other major meme coins like Pepe Pepe) and Dog hat (WIF) will experience a price drop down menu given the type of rally they have enjoyed this year.

At the time of writing, Dogecoin is trading at around $0.16, up more than 4% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin price chart from Tradingview.com
DOGE price falls from daily peaks | Fountain: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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