A popular analyst says Dogecoin (DOGE), the leading meme crypto asset, could spark a rally by the end of the year or early 2024.
In a new video update, Nicholas Merten, the host of DataDash, tells its 511,000 YouTube subscribers that smart money tends to collect altcoins like DOGE once they are at a heavily discounted price.
According to Merten, once Dogecoin is about 95% of its all-time high, blue-chip accumulation should begin.
“Smart money, the accumulators, are looking at these previous discount ranges, they are trying to build positions around these ranges. I think overall we’ll probably get to around 95%, somewhere in this margin range…
The main point is that I am looking for accumulation [of] crypto assets around some of these range around the basket between these two percentage declines from top to bottom.
With DOGE down just 91% from its all-time high, Merten warns of other significant declines for the dog-themed memecoin before it can spark an upward rally.
“If you take the same range that was around five cents in June, and if we take it to, say, 95%, you’re talking about a price level that goes all the way to $0.35 when we go all the way to 96.5% you are talking about $0.25, so again, you could be dealing with a significant paper downside to your positions…
It could be into 2024, it could be the end of this year… The key point here is the percentage decline target and if you consider where we are now, we’re at 91%, we still have a way to go.”
Dogecoin is trading at $0.062 at the time of writing, up 1.5% over the past 24 hours.
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