- Crypto analyst predicts Dogecoin could dip below 7 cents before potentially surging to fulfill a $1.00 prophecy.
- Despite bearish trends, large Dogecoin holders show confidence, signaling a possible trend reversal above $0.105 support.
As a seasoned crypto investor with over a decade of experience navigating the digital asset market, I’ve learned to take predictions like CryptoKaleo’s with a grain of salt. While it’s always important to keep an eye on analysts’ insights, my personal strategy is based on my own research and understanding of market trends.
Lately, Dogecoin (DOGE) has shown significant price fluctuations, much like the general turbulence observed within the larger cryptocurrency market.
Crypto expert CryptoKaleo foresees a substantial decrease falling below 7 cents, causing worry amongst investors and dealers.
CryptoKaleo shared on X:
As a crypto investor, I’ve finally seen the price dip below ten cents again. Currently, it seems to be clinging to support levels that were established during the lows we experienced last month. There’s a decent possibility that we might experience one more significant drop towards the 7-cent mark before things start looking up. Once that happens, the turbulence should subside, leaving behind just a few months of sideways movement before we finally see the prophecy of $1.00+ being fulfilled.
Currently, one Dogecoin is valued at approximately 0.082 US dollars. Over the last day, this has represented a drop of about 23.91%, while over the last week, its value has decreased by roughly 38.86%.
Having a total circulation of around 150 billion Dogecoin, its market value is estimated to be roughly $11.96 billion.
DOGE indicators reflect bearish momentum
In simpler terms, the cost of Dogecoin is generally lower than its average range (the Middle Bollinger Band), which means it’s likely to decrease further (bearish trend). Also, when the Bollinger Bands become wider, this usually signifies higher volatility or price fluctuations.
In simpler terms, the Chaikin Money Flow for Dogecoin was -0.19, suggesting a dominant trend of sellers over buyers and a decrease in funds within DOGE. This low value supports the idea that the market is bearish, implying money is being withdrawn from the asset.
Furthermore, the Relative Strength Index (RSI) stood at approximately 30.53, close to the oversold level of 30. This might suggest a possible short-term price reversal or stabilization.
Given the generally negative trend suggested by other indicators, relying solely on the RSI for making purchase decisions might not be advisable.
Decreased network activity
Over the past period, we’ve seen a significant drop in active addresses, now standing at approximately 47,300, falling from highs above 345,000. Transactions have exhibited occasional surges yet generally trend downward, currently at about 204,000.
This decline points to reduced network activity and user engagement with DOGE.
In contrast to pessimistic market signals, a recent AMBcrypto report suggests a decline in the number of large-scale investors offloading their assets. The figure dropped significantly from a peak of 192 million to just 42 million.
It seems that big investors holding Dogecoin aren’t cashing out, which could mean they’re optimistic about a possible change in the trend direction.
Should Dogecoin finish its daily trading above the crucial support at approximately $0.105, it could potentially change direction and aim to surpass the resistance at around $0.13.
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2024-08-06 07:04