Nicholas Merten Warns of Dogecoin Correction Against Bitcoin
Crypto analyst Nicholas Merten cautions that meme cryptocurrency Dogecoin (DOGE) is likely to experience further correction against Bitcoin (BTC).
Merten, in a recent video update, explains to his YouTube subscribers that he expects Dogecoin to remain in a bearish trend against Bitcoin for some time. This is based on the weakness shown on the monthly DOGE/BTC chart.
Merten emphasizes that he believes the market will eventually move upwards, but not yet. He points out that a 22% increase followed by three months of fading gains without any follow-through does not indicate a bull market. He states that he needs to see consistent monthly gains of 10%, 20%, or 30% before getting excited.
Dogecoin’s Future Performance
Merten suggests that Dogecoin is only worth considering if it starts replicating similar movements seen in June and October of 2021.
Regardless of the narratives surrounding Dogecoin, Merten emphasizes that price action is what matters. If there is no buyer interest and prices continue to decline, it indicates a rolling effect of weakening expectations. Merten anticipates a potential 90% correction for DOGE/BTC, with a market bottom around 0.00000130.
Current Price and Conclusion
Currently, DOGE/BTC is trading at 0.00000218 BTC ($0.0582). Merten’s warning suggests that Dogecoin has not fallen far enough and may experience further declines before any significant recovery.
Hot Take: Dogecoin Faces Uphill Battle Against Bitcoin
Nicholas Merten’s analysis reveals a bearish outlook for Dogecoin against Bitcoin. He highlights the need for sustained positive price action and warns that Dogecoin has not yet experienced a significant correction. This suggests that further declines may be on the horizon for DOGE. As the market continues to evolve, it will be crucial to monitor how Dogecoin performs against Bitcoin in the coming months.
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