Crypto Analyst Makes 59% Bearish Dogecoin Projection, Heres More
A digital asset analyst has pointed to bearish Dogecoin (DOGE) on-chain data, pointing to a heavy correction. This comes on the heels of plunging United States tech stocks and crypto prices as the market digests the impact of recent tariffs. Wider meme coins also dropped in the chaos, with billions wiped off the market cap.
DOGE Price Faces New Resistance
Expert trader Ali Martinez has projected a 59% decline in DOGE price to $0.060. This adds to the sharp decline below an ascending parallel after high volatility. The asset trades at $0.1514 after breaking the previous support as bulls fell to declining markets.
In the last seven days, DOGE has nosedived 10%, ushering in higher sell pressures. On-chain data shows massive volatility, as sentiments plunged over the weekend. These factors, including a fall in volumes to $3.3 billion, pose a threat to a wider recovery.
The initial reaction to Martinezs forecast was bearish, as holders aimed to maintain support. A massive 59% slip will send signals downwards, defeating short-term projections of a $0.5 bull run. This year, DOGE bulls even set a wider projection of $1 as institutional investors poured funds into altcoins.
After the previous dip, signs of whale accumulation were recorded in meme coins. In March, Dogecoin price jumped 7.5% after whales picked up 220 million tokens. Crypto enthusiast Javon Marks wrote that the DOGE technical pattern could fuel a 270% spike.
Dogecoin is holding another set of higher lows, and so far, since its low, each time this has happened, a surge in price to higher levels has happened! With the target at $0.6533, prices can be set up for the next wave in an over +270% run to reach and break above it.
Meme Coins In Freefall
The meme coin market is facing the effects of a slide in Bitcoins price as optimism falls. These assets are more volatile due to holders reliance on sentiments rather than fundamentals. The total meme coin market cap dropped 6% to $45 billion after President Trumps tariffs, with most assets posting double-digit losses.
Shiba Inu recorded 10.2% weekly losses while PEPE and BONK saw 12% and 11.1% respectively. TRUMP token dipped 22% in the same timeframe, with major selloffs from large holders. The asset exchanges hands at $7.72 while its total market cap fell to $1.54 billion.
Read more: https://zycrypto.com/crypto-analyst-makes-59-bearish-dogecoin-projection-heres-more/
Text source: ZyCrypto
