- DOGE recently dipped to $0.082 but rebounded to $0.092, showing signs of stabilization.
Analyst Kaleo suggested that the worst may be over, predicting a consolidation phase before a significant rally in early 2025.
As a seasoned crypto investor who has witnessed the rollercoaster ride that is Dogecoin [DOGE], I find myself cautiously optimistic about its recent recovery and the potential for future growth. The sharp dip to $0.082 was indeed painful, but as Kaleo rightly pointed out, it could also be considered a gift. If his track record is anything to go by, it seems we might have reached the bottom in the high 7s/low 8s.
Over the past few days, I’ve noticed some dramatic shifts in the cryptocurrency market, and Dogecoin [DOGE] hasn’t been immune to this volatility either.
Over the past week, DOGE’s value plummeted by approximately 25%, reaching a low of $0.082. This downturn mirrored the broader crypto market’s challenges.
Interestingly, there’s been a significant change in the trend for Dogecoin. It appears to be bouncing back as it’s up by 10%. This recent surge has pushed its current market value to approximately $0.092.
Is Dogecoin’s bottom in?
In the crypto world, Kaleo – a well-regarded analyst – has offered some intriguing predictions, hinting that the slump for Dogecoin might soon come to an end.
Based on Kaleo’s analysis, it appears that the noticeable dips might be the bottom for this particular cycle, suggesting that Dogecoin (DOGE) will unlikely fall into the earlier predicted price range of 6-7 cents.
Providing a glimmer of hope to investors concerned about further declines, he explained,
“The high 7s / Low 8s that we’ve seen should be the bottom.”
Kaleo’s forecasts have consistently been positive and, more importantly, they’ve proven correct, especially when it comes to Dogecoin’s price trends.
On the 24th of July, just before the recent market drop, Kaleo forecasted a steep decrease followed by a possible rise, expressing this as a potential increase.
“I’m still prepared for one last nuke prior to a run up to $1.00+.”
Since then, Kaleo has kept a close eye on Dogecoin’s price fluctuations. On the 2nd of August, as Dogecoin’s price continued to dip, Kaleo observed this trend.
It’s understandable why some might view this as difficult, but in my opinion, it’s a blessing rather than a curse. Isn’t delaying the full send until early 2025 not so bad, considering you get another discount and extra time to prepare?
Despite previous concerns, Kaleo has revealed that the pessimism surrounding DOGE appears to have passed. In light of DOGE’s price increase exceeding 10% today, Kaleo expressed optimism in a post shared earlier.
“NOT A BAD BOUNCE SO FAR.”
DOGE ready for a massive bounce?
Regardless, it is worth looking at DOGE’s fundamentals to see if the asset is really poised for a major rebound, and not just a minor one.
As a researcher, I delved into the data provided by Coinglass, and found that over the last 24 hours, there was a 3.23% surge in Open Interest for Dogecoin (DOGE). This growth translates to a significant total value of approximately $449.7 million, tied up in pending derivative contracts such as futures and options.
Instead, it’s important to note that the Open Interest volume of DOGE has reduced by approximately 19.83%, now standing at around $2.85 billion.
It’s worth noting that, although the price has dropped significantly lately, IntoTheBlock data suggests that nearly 70% of Dogecoin owners are currently making a profit, while around 27% have incurred losses and only approximately 2% are at an even break.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- WLD PREDICTION. WLD cryptocurrency
- Top gainers and losers
- CTC PREDICTION. CTC cryptocurrency
- ASTO PREDICTION. ASTO cryptocurrency
- DUEL PREDICTION. DUEL cryptocurrency
- CLV PREDICTION. CLV cryptocurrency
- ELK PREDICTION. ELK cryptocurrency
- SCOMP PREDICTION. SCOMP cryptocurrency
2024-08-07 06:17