Dogecoin And Elon Musk In One Animation But This Trader Suggests To Short DOGE At $0.18 To $0.20

He plans to short Dogecoin between $0.18 and $0.20, noting that a full retracement against Bitcoin has happened more often on the DOGE chart.

With the significant spikes in Dogecoin prices, he believes the move is not yet fully retraced and foresees the meme coin witnessing a price drop to $0.04 to $0.05 as Bitcoin heads to $100,000 in the upcoming four to five months.

Also Read: Bitcoin Maxi Shares How A 40X Dogecoin Investment And A ‘Complete Stroke Of Luck’ Got Him Into Crypto

Price Action: At the time of writing, DOGE was trading at $0.1626, up 0.8% over the past 24 hours.

Why Is It Matters: IntoTheBlock data highlights a surge of 9.3% in large transaction volume to $1.3 billion, while daily active addresses widened by 5.8% to 57,030. Transactions greater than $100,000 increased to 495 as of April 22 from 453 as of April 21. Meanwhile, total exchange inflows spiked to $41.35 million as of April 22 from 29.12 million as of April 21.

Cryptocurrency markets are highly volatile, and the movement of Bitcoin often influences the performance of other cryptocurrencies. CrediBULL Crypto’s decision to short Dogecoin is significant as it reflects his anticipation of a potential downturn in the meme-inspired cryptocurrency’s value.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin Up 5% Since DOGE Day, ‘Big Things’ Coming For The ‘King Meme Coin,’ Founder Predicts

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