- An analyst from DataDash warned that DOGE may drop another 5%-7%.
- According to the analyst, DOGE dropping to $0.02 will be a golden opportunity to buy the meme coin.
- At press time, DOGE was trading hands at $0.05992 after it saw a more than 3% price decrease.
The crypto trading and analysis YouTube channel, DataDash, shared its latest technical analysis for Dogecoin (DOGE) yesterday. In the video, the analyst named DOGE as a safe bet for any trader or investor looking to stock up on altcoins. Despite this, he did warn that the meme coin’s price may drop another 5-7% in the coming months.
Nevertheless, the analyst is bullish on DOGE and believes that smart money investors will begin stocking up on DOGE at its current levels over the course of the next few months. He also mentioned the golden scenario in which he will allocate a substantial amount of capital towards a long position in the crypto.
According to DataDash’s analyst, the ideal time to buy into DOGE will be if its price drops to as low as $0.02. If DOGE’s price does not drop to this level in the coming months, then investors and traders will want to watch for flat price movement on DOGE’s monthly chart.
The analyst believes that smart money investors will identify flat price movement on DOGE’s monthly chart as a medium-term buy opportunity. This will ultimately lead to a multi-month rally in the meme coin’s price.
As was the case with most cryptocurrencies in the market, the price of Dogecoin (DOGE) subsided over the past 24 hours of trading. CoinMarketCap indicated that DOGE was trading hands at $0.05992 after it saw a more than 3% price decrease. The meme coin was also down more than 91% from its all-time high (ATH) which was established in May of 2021.
Consequently, DOGE was trading closer to its daily low of $0.05895 than its 24-hour high of $0.06204. The meme coin’s price drop also left its weekly performance firmly set in the red zone at -11.69%. Meanwhile, DOGE’s 24-hour trading volume saw a more than 36% increase. As a result, the crypto’s volume stood at around $259 million at press time.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
 price may still fall between 5%-7% in the coming months.){kind=link}