The post Is Dogecoin Dead? Here’s When DOGE Price Will Ignite Bull Run appeared first on Coinpedia Fintech News
In an exciting development for Dogecoin (DOGE) investors, well-known analyst Nicholas Merten has shared insights on when the popular meme cryptocurrency could experience a significant rally. Merten, the host of DataDash and a respected voice in the crypto community, believes that DOGE has the potential to ignite a comeback by the end of 2023 or early 2024.
Addressing his YouTube subscribers in a recent video update, Merten highlighted the behavior of smart money investors when it comes to altcoins like DOGE. He emphasized that these savvy investors tend to accumulate assets when they are heavily discounted.
Price Outlook: DOGE to Bottom Out Before Rally?
According to Merten, the crucial accumulation phase for Dogecoin typically begins when it has fallen approximately 95% from its all-time high. This range is seen as an attractive opportunity for smart money to start building their positions. He further stressed the significance of targeting specific percentage declines to identify potential accumulation ranges.
Interestingly, it’s important to note that DOGE is currently down by about 91% from its peak, which means there could be further declines before a substantial rally takes place. He cautioned that if the price drops to around a 95% decline, it could reach as low as $0.35. Furthermore, if the decline reaches 96.5%, the price could dip even further to $0.25. These levels indicate that investors should be prepared for possible paper losses in their DOGE positions.
Timeline for the Rally!
The analyst also emphasized that the timing of the anticipated rally could extend into 2024 or potentially occur by the end of this year. He underlined that the crucial factor to consider is the target decline percentage, and with DOGE currently at a 91% decline, there is still some way to go before the potential turnaround.
At the time of reporting, Dogecoin is trading at $0.062, showing a 1.5% increase over the past 24 hours. As DOGE holders eagerly await the projected accumulation phase and subsequent rally, market participants will closely monitor the price movements of this iconic meme coin.
