Dogecoin's panicked selling spree: Will the price continue to plummet?
Turning Tides in the Crypto Kingdom: A Closer Look at Dogecoin's Fortunes
The crypto ecosystem's steady groove has been thrown for a loop thanks to Donald Trump's latest economic maneuvers. With steep tariffs slapped onto China, Canada, and Mexico, many weighty crypto players have felt the heat, including Dogecoin (DOGE).
CoinGecko statistics reveal a harsh blow for DOGE, as its price plummeted as low as $0.21. At the moment, DOGE is trading at around $0.25, shedding a hefty 16% in a day.
While some forecasters remain hopeful that this downturn is temporary and heralds a new bull run, ominous signs suggest the bears might linger for a while.
Popular crypto analyst Ali Martinez, in his online musings, noted that whales unloaded a staggering 270 million DOGE in the last 24 hours. If demand fails to meet this selling pressure, DOGE could tumble further.
To add fuel to the fire, smaller investors just might jump on the bandwagon upon observing this market reversal. But, Martinez also posits that DOGE's Market Value to Realized Value (MVRV) ratio recently dipped below its 30-day Simple Moving Average, hinting at a possible hefty price correction.
DOGE's Future Prospects
In spite of the dire forecasts, some market pundits remain buoyant about DOGE's destiny. Analyst Trader Tardigrade, known for his insightful X platform musings, suggests a speedy recovery based on past price trends:
"Back in 2016, DOGE plummeted by 59.76%, but you'd scarcely believe it, as it then surged a whopping 9,221%. In 2020, after a plunge of 56.2%, DOGE took off for the stars, recording a staggering 30,693% increase. If sceptics fail to appreciate the big picture, take a peek at the macro chart."
Another analyst, KALEO, deems the present levels "bloody amazing" and predicts that DOGE is due for a major rise in the coming months.
Take the leap and snag a $600 Bonus from Binance (that's exclusive to our site): Simply register using this link to secure your exclusive cash bonus.
[1] [Source][2] [Source][3] [Source][4] [Source][5] [Source]
- Despite the current bearish sentiment in the crypto market, some analysts like Trader Tardigrade remain optimistic about Dogecoin's (DOGE) future, citing past price trends and pointing to a potential speedy recovery.
- Trader Tardigrade refers to previous instances where DOGE plummeted significantly, such as in 2016 (-59.76%) and 2020 (-56.2%), only to surge dramatically afterwards, by 9,221% in 2016 and 30,693% in 2020.
- Analyst KALEO finds the present levels of DOGE to be "bloody amazing" and predicts a major increase in its price in the coming months.
- Get a $600 bonus from Binance when you register using this exclusive link (available only on this site).
