- Crypto analyst Master Kenobi, drawing on historical data, predicts that DOGE will reach a new high of $6.9.
The immediate outlook for DOGE, however, remains bleak.
As a seasoned crypto investor with over a decade of experience in the digital assets market, I have learned to navigate its volatile and unpredictable waters. While I find it intriguing that Master Kenobi predicts Dogecoin (DOGE) reaching $6.9, I can’t help but feel a tad skeptical about such a rapid surge.
Reflecting on Dogecoin‘s [DOGE] latest developments, a dip of 3.85% in market capitalization and price over the past day has left me pondering about its allure as an investment option, at least for now.
Although it may appear as a minor temporary decline, this dip might serve as an essential precursor to the substantial long-term surge in cryptocurrency markets that renowned analyst Master Kenobi predicts.
$6.9 for DOGE deemed inevitable
According to crypto expert Master Kenobi, Dogecoin appears to be at a crucial juncture, as there’s anticipation for a substantial rise within the upcoming period.
In his words:
“This is most likely the last time we’ve seen ZERO after the comma.”
Kenobi reinforces his stance by presenting a graph that demonstrates how the value of Dogecoin tends to spike after every Bitcoin halving, coinciding with trading within a supportive trendline zone.
At the moment, Doge was hovering near a crucial support point, expected to cause a significant surge upwards soon.
Based on his assessment, the initial predicted price point is $0.89, then it could potentially rise to $2.2, and ultimately aim for a record-breaking peak at $6.9.
Although the forecast appears positive, AMBCrypto’s evaluation indicates a possible brief drop in the value of DOGE.
Short-term outlook: DOGE may decline further
As an analyst, I’m sharing my take based on insights from AMBCrypto: For the near future, I anticipate that Dogecoin (DOGE) will maintain its value with several zeros following the decimal point.
Based on the Super Trend indicator analyzed within a daily timeframe, it seems that Dogecoin (DOGE) may continue to decline in the near future. This trading instrument, which takes into account both price fluctuations and market trend volatility, currently advises selling since the price is presently situated beneath its line.
Based on the given chart, it seems like the Super Trend indicator is presently positioned above Dogecoin’s current price, signaling a possible future drop in value.
By analyzing Fibonacci retracement lines for Dogecoin (DOGE), we’ve identified two possible price floor levels where it might experience a dip: the first one at approximately $0.09542, and if that support breaks, we expect DOGE to slide down to around $0.08050.
In simpler terms, the Relative Strength Index (RSI) standing at 39.66 supports the pessimistic viewpoint. This index suggests a decrease in buying enthusiasm and an increase in selling activity, which could potentially lead to further drops in the price of DOGE.
Based on my years of investing experience and analyzing various indicators, I have found that the momentum indicator is particularly useful. It often signals overbought conditions above 70 and oversold conditions below 30, which can provide valuable insights for predicting market trends. In fact, when I see these levels in a cryptocurrency like DOGE, I tend to anticipate a possible downward price movement. This tool has proven helpful in my investment strategies, as it helps me make informed decisions and avoid potential losses.
Retail interest fades
Data from Dogecoin (DOGE) reveals a substantial decline in active user addresses. Specifically, there were 55,295 active addresses on August 16, but this figure has now dropped by more than 15,000, suggesting that retail investors’ enthusiasm may be dwindling.
A decrease in active addresses frequently indicates a negative outlook, which could lead prices to drop.
The data from Coinglass indicates that there’s a possible decrease in DOGE‘s value. In the last 24 hours, more than 1.36 million dollars worth of retail positions have been liquidated, where long traders accounted for approximately 1.19 million dollars, showing an increasing tendency to sell, implying a potential selling spree.
Read Dogecoin’s [DOGE] Price Prediction 2024-2025
Yesterday, we noticed the same pattern emerging, resulting in the forced closure of long positions worth approximately 612,440 dollars.
If this pattern continues, Dogecoin (DOGE) might keep dropping, and it could touch the previously indicated support points of $0.09542 or even $0.08050 in the near future.
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2024-08-19 21:12