[Is Dogecoin (DOGE) set to drop 40%? This analyst thinks so]
Dogecoin is in a dangerous moment, and the recent downward trend is concerning. Analysts note that DOGE has fallen below a key support area and could fall another 38% to 40%. A breach of support at $0.055 to $0.0628 could trigger a deeper decline. The current market sentiment is not optimistic, and if DOGE is to rebound, it will require a significant change in the market. Upside resistance is seen at $0.104 and $0.118, with support zone at $0.6243.
On-chain data shows that about 73% of Dogecoin holders are still making profits, and 67% of them have held it for more than a year, showing strong confidence among long-term holders. Although the short-term outlook is uncertain, there is hope for long-term growth. DOGE is expected to grow 114% over the next three months, 61.58% over six months, and 64.49% by the end of the year. These growth forecasts rely on market stability and support from technical indicators.
Overall, the short-term trend of Dogecoin is uncertain, but if market conditions improve, the long-term prospects are bright. Investors need to find a balance between optimism and caution and pay close attention to market changes.
