Dogecoin Could Experience a Massive 25% Crash, Analyst Warns
According to crypto analyst Alan Santana, Dogecoin is facing a potentially significant crash in the near future. Santana’s analysis, posted on the TradingView website, reveals a downtrend in the price of Dogecoin since it crossed the $0.1 mark in December. The asset has been experiencing lower highs and a decrease in trading volume, suggesting a bearish trend.
Santana predicts that Dogecoin’s price could drop from above $0.09 to as low as $0.07, resulting in a 25% crash. However, he also anticipates a quick recovery following the crash.
DOGE Struggles on the Charts
Dogecoin’s underwhelming performance has put its position on the list of largest cryptocurrencies by market cap at risk. It has fallen behind assets like Solana and Avalanche, both of which have experienced substantial growth this year.
With a market cap of $13.2 billion, Dogecoin currently holds the 10th position. However, it continues to lose dominance as TRON’s TRX and Polkadot’s DOT gain ground. Both TRX and DOT are only about $3 billion away from surpassing Dogecoin’s market cap. If Santana’s analysis is accurate and DOGE crashes by 25%, it could drop out of the top 10 cryptocurrencies for the first time in over a year.
Hot Take: Dogecoin Faces Uncertain Future Amidst Bearish Signals
Dogecoin’s recent price movements and technical indicators suggest a bearish outlook for the cryptocurrency. The potential 25% crash predicted by analyst Alan Santana highlights the challenges facing DOGE. With its position on the list of largest cryptocurrencies at risk, Dogecoin needs to overcome its current downtrend and regain bullish momentum to secure its place among the top digital assets.
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