2024-5-26 06:00 |
The Dogecoin (DOGE) future trajectory continues to be heavily discussed, with crypto analysts weighing where the foremost meme coin is headed. Crypto analyst Capt Toblerone’s analysis comes under the spotlight, given how the foremost meme coin’s price action has continued to align with his prediction.
DOGE’s 30% Crash Still In PlayIn an X (formerly Twitter) post, Capt Toblerone mentioned that Dogecoin will experience a 30% price drawdown from its current price level. He further claimed that the next reload area is at $0.108. He predicted that Dogecoin would make a 1,300% rally from that level, stating that one should get 13x from the reload area.
A 1,300% move for Dogecoin means the meme coin will rise to as high as $1.5. This prediction aligns with others made by crypto analysts like Ali Martinez, who predict that the meme coin could reach $1 in this cycle. This also looks feasible given that crypto analyst Kevin (formerly OG Yomi) once alluded to Dogecoin’s move in previous bull markets as why the meme coin could rally above $3.
However, while Dogecoin looks primed to make such a parabolic move, Pav Hundal, lead analyst for Australian exchange Swyftx, has explained what could hinder the meme coin from reaching $1. He alluded to the fact that some Dogecoin holders bought the meme coin at its market peak in the last bull run.
He believes that these holders will look to take profits once DOGE hits a new all-time high (ATH) in this bull cycle. Therefore, depending on the magnitude, such selling pressure could derail the meme coin from reaching $1. He also suggested that DOGE might see enough liquidity to push it to such a level since many more meme coins are in the market now.
However, crypto analyst Rekt Capital disagrees with Hundal. He labeled Dogecoin “one of the most cyclical altcoins in the space.” Therefore, he expects the meme coin to make a parabolic move, as it has in previous cycles.
Dogecoin Could Indeed Drop To $0.10Crypto analyst CrediBULL Crypto has also predicted that Dogecoin could drop to as low as $0.10. However, the analyst expects the meme coin to first experience a relief pump and rise to as high as $0.18. He revealed that he will be looking to short the meme coin at the $0.18 price level as it descends to $0.10.
However, Dogecoin isn’t the only meme coin CrediBULL Crypto expects to drop significantly. He predicts that other foremost meme coins like Pepe (PEPE) and Dogwifhat (WIF) will experience a price dropdown given the kind of rally they have enjoyed this year.
At the time of writing, Dogecoin is trading at around $0.16, up over 4% in the last 24 hours, according to data from CoinMarketCap.
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