Dogecoin Price Prediction: DOGE is targeting a 30% rebound to $ 0.10, but analysts believe a crash is imminent - News-Credit-Mortgage-Coin


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Monday, February 8, 2021

Dogecoin Price Prediction: DOGE is targeting a 30% rebound to $ 0.10, but analysts believe a crash is imminent

  • Dogecoin price soared 35% after breaking out of a bull pennant pattern on Feb.6.
  • The bullish impulse came after rapper Snoop Dogg shared interest in the meme coin.
  • Regardless of the upside movement in prices, some of the most famous cryptocurrency analysts believe DOGE is poised for a painful correction.

Dogecoin has been a trend since the "Reddit Rebellion" was picked up by the mainstream media. Telegram groups and celebrities have done their part in promoting the coin, fueling the increasing speculation around it.

Now that the meme coin is more valuable than some promising DeFi projects, renowned technical analysts believe a market top is close at hand.

Dogecoin investors could "get out of this poor state"
Mike Novogratz, CEO of Galaxy Digital, believes that market participants have become just as optimistic about Dogecoin as they are about GameStop. However, since this cryptocurrency has no real use, Novogratz says the price has to track all the gains it has made recently when the hype subsided

"I actually think the DOGE frenzy will end badly. Same reason GME did. Greed and gravity. DOGE has no purpose. Stay with BTC, ETH, defi coins. Lots of smarter ways to play this crypto rally."

Scott Melker, a popular technical analyst, appears to agree with Novogratz. Melker warned traders that it would be a delusion to believe that DOGE would continue to climb towards higher highs due to the lack of fundamentals behind this project.

Therefore, the current price campaign could be part of a coordinated “pump and dump” program in which many investors “get out of this poor situation”, confirmed DonAlt.

The price development of Dogecoin shows that this is quite possible. In fact, every time DOGE has seen its market value rise versus Bitcoin over the past six years, it is followed by a massive correction.

Assuming the Dogecoin price is following a similar trend as it has in the past, the recent bull rally of 1,000% recorded in the DOGE / BTC trading pair could completely decline to levels last seen in mid-2020.

The DOGE price against the US dollar suggests another rally
Despite skepticism about the Dogecoin price, the DOGE / USD pair recently broke out of a bull pennant. This technical formation predicts that DOGE will climb to $ 0.10.

Such a bullish target comes from measuring the height of the flagpole and adding it to the breakout point.

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