Bittime – Crypto analyst, CrediBULL Crypto, provides a bearish outlook on Dogecoin (DOGE), the most popular meme coin at the moment. According to his analysis, DOGE has the potential to fall to $0.05 shortly.
DOGE Decline Triggered by Bitcoin Movement
Through a post on X (formerly Twitter), CrediBULL Crypto explained that DOGE's decline could occur depending on the movement of Bitcoin.
He plans to open a short position if the DOGE price first rises to the range of $0.18 to $0.20.
In a video on its YouTube channel, CrediBULL Crypto explains the reasons for its prediction. According to him, when Bitcoin starts to rise, this crypto asset will absorb a lot of liquidity from altcoins.
As a result, altcoins like DOGE will experience a significant price decline because they do not have enough liquidity to maintain an uptrend.
More specifically, CrediBULL Crypto predicts that DOGE's drop to $0.5 will occur when Bitcoin reaches $100,000. At that time, Bitcoin is expected to absorb most of the liquidity in the market.
The analyst believes that DOGE's decline to this level still makes sense, considering the fantastic previous DOGE price increase, especially when compared to the Bitcoin (BTC) pairing. According to him, a price correction of 50% is normal.
Check Today's Crypto Market:
Prediction of DOGE's Next Movement
CrediBULL Crypto expects DOGE to again reject upwards on its next bull attempt, and then fall to the $0.09 to $0.10 range.
After this decline, there may be a slight price increase (relief pump), but DOGE is predicted to experience rejection again which will lead to a deeper price decline along with Bitcoin's significant increase.
DOGE Remains Potentially Touching $1
Despite the current bearish outlook, CrediBULL Crypto “100% agrees” with the predictions of other analysts who believe DOGE will reach $1 this market cycle.
However, CrediBULL Crypto believes that the rise will not be as easy as other analysts predict.
According to this analyst, DOGE has not yet reached its lowest point (bottomed out) and its price movement will not be smooth upwards.
A significant increase to $1 will only occur after liquidity in the crypto market shifts to Bitcoin and tokens with large market capitalization. Only after that, meme coins like DOGE are expected to experience a parabolic rise towards $1.
Also Read: Whale Dogecoin (DOGE) Splashes 300 Million DOGE
DOGE Price Today
Summer: Over
Above is a screen capture of today's DOGE price chart. DOGE is experiencing a fairly high decline, namely -6.89%, so it is now at IDR 2,457 or $0.15. Previously, DOGE experienced its highest price in the last 24 hours at IDR 2,661 or $0.16. This means, now DOGE is down by $0.01.
Dogecoin (DOGE) Investment Tips
Here are some tips to consider before investing in Dogecoin:
- Research and Analysis: Don't just focus on analyst predictions. Conduct your research and analysis to understand the potential and risks of investing in DOGE.
- Long-Term Investment: If you believe in the future of Dogecoin, long-term investment may be a better strategy. DOGE price movements can fluctuate in the short term.
- Investment Diversification: Don't allocate all your investment funds to DOGE only. Diversify your investment portfolio by investing in different types of crypto.
- Invest Funds Within Your Capabilities: The crypto market is volatile and high risk. Only invest funds you are willing to lose.
Also Read How To Buy Crypto:
Conclusion
CrediBULL Crypto provides an interesting analysis regarding the potential decline and increase in Dogecoin prices in the future.
However, the investment decision is yours. Before investing, make sure you understand the risks and opportunities. Apply smart investment strategies and conduct in-depth fundamental research.
How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR. To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime.
Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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$DOGE Phenomenon: Analysis of Price Increases Ahead of Doge Day (4/20) from 2021 to 2023
DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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