A popular analyst says that leading meme crypto asset Dogecoin (DOGE) could spark a rally by the end of the year or early 2024.
In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that smart money tends to accumulate altcoins like DOGE once they’re at a heavily discounted price.
According to Merten, once Dogecoin is about 95% from its all-time high, blue-chip accumulation should begin.
“Smart money, the accumulators, are looking at these prior discount ranges, they’re looking to build positions around these ranges. I think, generally speaking, that we’re going to be probably coming around 95%, somewhere in this ballpark range…
The key point is that I’m looking for accumulation [of] crypto assets around some of these ranges around the basket between these two percentage declines from top to bottom.”
With DOGE only 91% down from its all-time high, Merten warns of other sizeable declines for the dog-themed memecoin before it can spark a rally to the upside.
“If you take that same range that was around five cents back in June, and if we take it towards say 95%, you’re talking about a price level that’s all the way down to $0.35 if we go all the way down to 96.5% you’re talking about $0.25, so again you could be facing some significant paper downside on your positions…
It could take all the way out into 2024, it could be at the end of this year… The main point here is the percentage decline target and considering where we are now, we’re at 91%, we’ve still got a ways to go.”
Dogecoin is trading for $0.062 at time of writing, a 1.5% increase during the last 24 hours.
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