Dogecoin sentiment worsens, traders are getting impatient
Dogecoin sentiment worsens, traders are getting impatient
Dogecoin price has not been rising, investors are starting to get impatient, and sentiment indicators have dropped significantly in recent weeks.
Speaking of which, if Donald Trump is elected president in November 2024, the cryptocurrency market will be thrilled, after all, he has been a strong supporter of the industry during his campaign.
However, there are some assets that stop rising after a while, and investor sentiment changes accordingly. Especially Dogecoin (DOGE), the leader of the meme coin market, is currently facing some headaches.
Dogecoin investors are getting impatient
Once Trump is elected, Tesla CEO Elon Musk has said he wants to create a government efficiency department (jokingly referred to as DOGE), and Dogecoin surged by 220%, rising from over $0.15 to nearly $0.5.
But the good times didn’t last long; once the rise halted, Dogecoin started to drop, and now the trading price is only over $0.38. Traders may feel 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), the sentiment for Dogecoin has worsened, dropping from a high point in mid-November to nearly negative. The mentions of Dogecoin on social media have also fallen from over 3,200 to below 300.
However, negative sentiment is not necessarily a bad thing; sometimes it can be a contrarian indicator. Although it has dropped recently, analysts remain quite optimistic about Dogecoin.
Can it rise again?
Recently, market analyst Javon Marks stated that Dogecoin's historical trend seems to be repeating, indicating that the price is expected to rise.
He wrote: “History tells us that Dogecoin has risen over 75%, can exceed the current all-time high (over $0.73), and then continue to rise.”
He also said that a conservative estimate is that it could rise to $3, and in the best-case scenario, it could exceed $15.
There’s an even more impressive forecast; cryptocurrency analyst “Guangdong Cat” believes that based on historical prices, Dogecoin could rise to $24.
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