A cryptocurrency strategist known for going against public sentiment has warned that Dogecoin (DOGE) is likely to fall even if Bitcoin (BTC) hits a new all-time high.
Household analyst Credible explains to his 395,500 followers on social media platform X how DOGE could fall regardless of BTC’s next move.
“you’re right. The two main ways companies like DOGE reject and bleed are:
1. BTC rejects and bleeds.
2. BTC prints an impulse candle so large and strong that over a period of time the collective attention of the space shifts to BTC and liquidity starts flowing from 10,000,000 different Alts (DOGE being one of them). As BTC begins to move vertically…
As always, some alternative products will be exempt from liquidity outflows and some will be more affected than others.”
Last week, Credible said it expects BTC to spark a huge move towards $100,000 soon. In such a scenario, analysts expect traders to offload their altcoin holdings to participate in the BTC rally.
Fellow cryptocurrency analyst Ali Martinez is also keeping a close eye on the leading memecoin. According to Martinez, Dogecoin is facing tight resistance levels, but he points out that memecoin could surge 100% if DOGE bulls take the $0.171 area.
“Dogecoin is facing significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion DOGE. However, once this barrier is overcome, DOGE is likely to double with the next major resistance at around $0.322.”
As of this writing, DOGE is worth $0.166.
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