Crypto Analyst Believes Dogecoin Has Found Support at 9 Cents
Crypto analyst KrissPax suggests that Dogecoin (DOGE) has established a floor around 9 cents despite recent declines. In a YouTube video, KrissPax shares his insights on the price action and future prospects of the popular memecoin.
According to the analyst, the overall cryptocurrency market is currently experiencing a period of pullback and consolidation after a significant surge in various major cryptocurrencies last month. He points out that Bitcoin’s drop below $42,000 exemplifies the market’s adjustment from overheated conditions.
Focusing on Dogecoin, KrissPax highlights its retreat from recent highs above 10 cents. However, he believes that the coin has found support around the 9 cent level, which is close to its trading price on December 5.
Potential Catalysts and Medium-Term Outlook
The upcoming DOGE-1 mission to the Moon in late December could be a crucial catalyst for Dogecoin. The analyst predicts that this event might generate excitement and drive the price above 11 cents. Nonetheless, he advises caution regarding excessive leverage usage due to recent volatility-induced liquidations.
In terms of the medium-term outlook, KrissPax maintains a bullish stance. He suggests that if Dogecoin can surpass resistance at 11 cents, it may revisit levels near 16 cents reached in late 2022. The analyst’s year-end price target for Dogecoin remains at 12 cents.
Hot Take: Dogecoin Finds Stability Amid Market Correction
Dogecoin seems to have established a stable support level around 9 cents, according to crypto analyst KrissPax. While the broader cryptocurrency market experiences a period of pullback and consolidation, DOGE has retreated from recent highs but remains resilient. The upcoming DOGE-1 mission to the Moon in December could serve as a potential catalyst for further price gains. However, traders are advised to be cautious of excessive leverage usage. KrissPax maintains a bullish outlook for Dogecoin in the medium term, with the possibility of revisiting levels near 16 cents. As the year comes to an end, all eyes are on whether Dogecoin can surpass resistance at 11 cents and reach the analyst’s year-end price target of 12 cents.
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