Next Bull Run: Analyst Nicholas Merten Reveals Timing for Dogecoin’s Remarkable Comeback
Renowned crypto analyst Nicholas Merten has suggested that Dogecoin (DOGE) may experience a significant rally either by late 2023 or the beginning of 2024. Merten, known for his role as the host of DataDash, discussed the patterns observed among astute investors in altcoins like DOGE. He emphasized that the critical accumulation phase of DOGE typically begins after a decline of around 95% from its peak value. Currently, DOGE has experienced a decline of approximately 91%, indicating that further downturns could occur before a significant rally takes place. Merten cautioned that if the price were to decline to 95%, it could reach as low as $0.35.
Merten also highlighted that the timing of the projected rally could extend into 2024 or potentially materialize by the end of the current year. He emphasized that the key factor to consider is the targeted percentage decline, and given DOGE’s current decline of 91%, there is still a significant distance to cover before a potential reversal happens.
At the time of writing, DOGE is trading at $0.0606, with a 2.14% decline in the past 24 hours. Its market cap is $8.48 billion, and its volume is $284 million. Over the past week, the coin has undergone a decline of 14.08% but still outperformed. Over the last month, it experienced an 18.2% decline but continued to outperform. Despite its current price decline, Merten suggests that DOGE’s theoretical value could reach $22.64 within the next 12 months.
However, it is important to note that current macroeconomic factors and liquidity are different from previous periods, and ongoing lawsuits by the SEC could impact DOGE’s growth. While DOGE could potentially reach a value of $22.64 under ideal circumstances, the conditions at present make it highly unlikely that it will attain that value within the next year. Investors should conduct their own research and exercise caution when making decisions related to cryptocurrencies.