Crypto Analyst Predicts Dogecoin to Surge Over 95% by Late 2023
Crypto analyst Nicholas Merten predicts that Dogecoin could see a rally by the end of 2023 or early 2024. Merten believes that institutional investors and smart money tend to accumulate altcoins like DOGE when they are offered at significantly reduced prices. He suggests that blue-chip accumulation could begin when Dogecoin is roughly 95% from its all-time high.
Merten warns, however, that there could still be significant declines in store for DOGE before it triggers an upward rally. He notes that if the price drops to 96.5% of its previous range, it could reach as low as $0.25. Merten’s analysis suggests that there could be some significant paper downside for investors before any potential rally occurs. He mentions that the process could take until the end of 2024 or even the end of this year.
As of now, Dogecoin is trading at $0.059, down 3.13% in the last 24 hours. This recent drop follows comments from Federal Reserve Chair Jerome Powell about potential future rate hikes.
Dogecoin, originally created as a meme cryptocurrency, has gained widespread popularity in recent months. It has garnered support from high-profile individuals like Elon Musk and Mark Cuban. However, its price has been highly volatile, experiencing significant ups and downs. Despite this, the cryptocurrency continues to attract attention and investment from retail and institutional investors alike.
Merten’s analysis provides some insight into the potential future movement of Dogecoin. While he suggests that a rally could be on the horizon, he also cautions investors to be prepared for further price drops. Ultimately, only time will tell how Dogecoin will perform in the coming months and years.
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