Short alert: Dogecoin could drop below $0.05
The protracted – and significant – crypto bull market, started in earnest in October 2023 with a major Bitcoin (BTC) rally, has already seen multiple meme coins, old and new, surge to new highs or, at least, strive to reclaim their previous highs.
The climate brought forth a string of predictions that Dogecoin (DOGE), the oldest meme coin in existence, is about to rise toward and beyond $1.
One crypto expert, known as Credible Crypto on YouTube and CrediBULL Crypto on X, only partially agrees with the bullish expectations and has, in fact, recently shared his strategy for shorting DOGE.
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Indeed, the expert believes that Dogecoin is yet to prove an uptrend with more sequential higher highs and higher lows and that it currently finds itself in a distribution top.
According to Credible Crypto’s Analysis, DOGE price is likely to continue trading higher for some time before it enters the $0.19-0.20 range, which it will, in all likelihood, fail to sustain and break above.
The analyst explained that they would take a short position once the meme coin is within this range as a drop to one of the crucial support levels and at least to the $0.09-$0.10 range, but even more likely to head toward or below $0.05.
Short-term bear, long-term bull
The Analysis of Dogecoin’s likely next move partially hinges on the general trends in the crypto market, which have recently seen a significant pullback for Bitcoin and an even greater correction for other cryptocurrencies.
Following from this, Credible Crypto estimates that the market is not yet in a major ‘meme cycle’ but rather that it shall have to go through the motions with the subsequent phases being ‘Bitcoin,’ ‘large caps,’ ‘mid-caps,’ and ‘small caps.’
The expert, however, believes that a ‘meme coin megafinale’ will come at the tail end of the sequence and that a Dogecoin surge above $1 will be a crucial part of this phase. As a result, they have identified the likely fall to $0.05 as a good area to enter a long position after, hopefully, successfully shorting the meme coin.
DOGE price chart
With conflated outlooks, whether DOGE drops toward $0.05 or surges toward $1 first, its recent performance has both been strong and choppy.
With that being said, in the last 52 weeks, the meme coin has surged 100.27% and managed a 77.68% climb in 2024 alone.
Although more recent trading featured a rejection of a continued surge and significant volatility – albeit with consolidation within a new and higher range. As things stand, Dogecoin is down 8.27% in the last 30 days but 1.88% in the green on the weekly chart.
Finally, the DOGE price today stands at $0.1587 after a 0.86% 24-hour drop.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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