Dogecoin sentiment is worsening, traders are getting impatient
Dogecoin sentiment is worsening, traders are getting impatient
Dogecoin prices have not been rising, and investors are starting to get impatient. The sentiment indicator has dropped significantly in recent weeks.
Speaking of which, if Donald Trump is elected president in November 2024, the cryptocurrency market will probably be thrilled, as he has been a strong supporter of the industry during his campaign.
However, some assets stop rising after a while, and investor sentiment changes accordingly. Especially Dogecoin (DOGE), the leader in the meme coin market, is experiencing a bit of a headache right now.
Dogecoin investors are getting impatient
Once Trump is elected, Tesla CEO Elon Musk has mentioned wanting to create a government efficiency department (jokingly referred to as DOGE), and Dogecoin surged 220%, rising from just over $0.15 to nearly $0.5.
But the good times didn't last long; once the surge stopped, Dogecoin began to decline, and now the trading price is just over $0.38. Traders are likely feeling that this asset won't rise in the short term, and their patience and confidence are running low.
According to data released by cryptocurrency analyst Ali Martinez on Tuesday (December 17), Dogecoin's sentiment has worsened, dropping from a mid-November high to nearly negative territory. Mentions of Dogecoin on social media have also fallen from over 3,200 to below 300.
However, negative sentiment isn't necessarily a bad thing; sometimes it can be a contrarian indicator. Although it has dropped a bit recently, analysts remain quite optimistic about Dogecoin.
Can it rise again?
Recently, market analyst Javon Marks stated that Dogecoin's historical trends seem to be repeating, indicating that the price is set to rise.
He wrote, "History tells us that Dogecoin is about to rise over 75%, surpassing the current highest price (over $0.73), and then continue to rise."
He also mentioned that conservatively it could increase to $3, and in the best-case scenario, exceed $15.
There's an even more impressive prediction; cryptocurrency analyst 'Guangdong Cat' believes that based on historical prices, Dogecoin could rise to $24.
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