The Risk DOGE Faces Amid Bitcoin’s Potential Breakout
A well-known crypto strategist, renowned for his contrarian views, cautions that Dogecoin (DOGE) might experience a decline even if Bitcoin (BTC) reaches new all-time highs. The pseudonymous analyst, with a substantial social media following, highlights potential outcomes for DOGE regardless of BTC’s future trajectory.
The Potential Scenarios for DOGE
- Bitcoin’s Rejection: If BTC faces rejection and undergoes a downturn.
- Shifting Attention to BTC: Alternatively, if BTC embarks on a significant upward movement that captures the market’s focus, leading to an outflow of liquidity from various altcoins, including DOGE.
Within this context, certain altcoins may resist the liquidity drain, while others, like DOGE, could be more profoundly affected.
Analysts’ Perspectives on DOGE
Recently, Credible predicted an impending substantial upsurge in BTC towards $100,000, anticipating a scenario where traders opt to sell off their altcoins to capitalize on BTC’s bullish momentum. In a similar vein, analyst Ali Martinez is observing DOGE closely, emphasizing potential resistance and growth prospects for the memecoin.
Resistance and Growth Potential for DOGE
Martinez notes that Dogecoin presently faces a formidable resistance zone between $0.166 and $0.171, with a significant number of addresses controlling a substantial amount of DOGE within this range. However, breaching this barrier could lead to a doubling in value for DOGE, with the next resistance anticipated near $0.322.
As of the latest update, DOGE’s value stands at $0.166.
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Image Source: Midjourney
Hot Take: Closing Insights for Crypto Enthusiasts
Despite potential challenges facing DOGE amidst Bitcoin’s probable breakout, analysts foresee both hurdles and growth opportunities for the popular memecoin. Stay informed, track market movements, and remain engaged with the latest developments to make informed decisions in the crypto sphere.
The post Dogecoin (DOGE) at Risk of Rejection Regardless of Next Bitcoin Move, According to Analyst – Here’s His Outlook appeared first on The Daily Hodl.
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