Analyst Nicholas Merten Predicts Dogecoin (DOGE) Bottom and Upcoming Rally Timing
Popular analyst Nicholas Merten, the host of DataDash, believes that Dogecoin (DOGE) could ignite a rally by the end of the year or early 2024. Merten suggests that smart money tends to accumulate altcoins like DOGE when they reach heavily discounted prices. He predicts that once Dogecoin is about 95% below its all-time high, blue-chip accumulation is likely to begin. Merten advises looking for accumulation of crypto assets around certain percentage decline ranges from top to bottom. Currently, DOGE is only 91% down from its all-time high, indicating that there may be further declines before a rally can occur. Merten warns investors to be prepared for significant paper downside in their positions, with potential price levels of $0.35 or even $0.25. He suggests that the rally could occur by the end of this year or extend into 2024. At the time of writing, DOGE is trading at $0.062, representing a 1.5% increase in the past 24 hours.