Dogecoin's Market Slump Could Be Ending, Suggests Analyst: 'The Worst Should Be Over If We're In Line With Previous Cycles'

Dogecoin’s Market Slump Could Be Ending, Suggests Analyst: ‘The Worst Should Be Over If We’re In Line With Previous Cycles’

8 July 2024

in DOGE

Reading Time: 2 mins read

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Influential cryptocurrency trader Kevin shared his analysis on the current market correction of Dogecoin DOGE/USD, suggesting that the worst could be over for the king of memecoins if the pattern follows previous cycles.

What Happened: Kevin took to X Sunday to share his insights on the ongoing market correction of Dogecoin. He noted that in the previous bull market, Dogecoin experienced 50–60% corrections three times before reaching its macro top.

Currently, Dogecoin has seen a 60% correction, which, according to him, could indicate that the worst is over if the pattern aligns with previous cycles. However, he also warned that the bullish narrative could be invalidated if Bitcoin BTC/USD has reached its peak and is entering a longer bear market.

See Also: Shiba Inu Lead Developer Shytoshi Kusama Appears In Japan In Batman-Like Avatar: ‘Our Humble King BatBoshi’

Why It Matters: Kevin’s analysis comes at a time when Dogecoin, along with the broader cryptocurrency market, has corrected sharply due to concerns over billions of dollars in potential Bitcoin sales. Over the last week, the original dog-themed coin lost 19.77% of its value.

Some experts, however, continue to be bullish on its long-term potential. Widely-followed analyst Timothy Peterson forecasted Dogecoin’s surge to $1 in the next two years, a 10x jump from its current value.

Price Action: At the time of writing, DOGE was trading at $0.1026, down 8.63% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Shutterstock.com

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