🔥🔥🔥 Crypto Analyst Credible Crypto Offers Mixed Outlook on #Dogecoin : Forecasts Short-Term Decline with Long-Term Rally Potential
Since October 2023, the #cryptocurrency market, largely driven by Bitcoin's rally, has experienced a robust bull run, boosting both established and new meme coins.
Despite optimistic forecasts for Dogecoin (DOGE) to surpass $1, well-known crypto analyst Credible Crypto offers a nuanced perspective, outlining a shorting strategy for DOGE due to its unclear uptrend and potential distribution top.
Credible Crypto anticipates DOGE to struggle in the critical zone between $0.19 and $0.20, planning to initiate a short position once it reaches this range, with expectations of a drop to major support levels, possibly as low as $0.05.
Despite short-term bearishness, Credible Crypto remains optimistic about #Memecoins🤑🤑 ' long-term prospects, predicting a 'meme coin megafinale' with Dogecoin rallying above $1 after market corrections.
The mixed performance of DOGE includes significant gains over the past year, with a 100.27% increase in the last 52 weeks and a 77.68% rise in 2024. However, recent resistance led to an 8.27% decrease over the past 30 days, while remaining slightly positive on the weekly chart with a 1.88% increase.
As of now, DOGE's price stands at $0.1587, dropping by 0.86% in the last 24 hours.
Source - cryptointelligence.co.uk
