A leading pseudonymous cryptocurrency analyst predicted Dogecoin would keep bleeding in the charts. This year, the meme currency trades at $0.10 with little to no price spurts.
The development is testing investors’ patience as it has nothing to offer. While the downward trend is quick, the upward trajectory moves at a snail’s pace. DOGE is slipping backwards in the charts and wiping away investments in a jiffy.
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Considering all these scenarios, cryptocurrency analyst Altcoin Sherpa has forecasted that Dogecoin will keep falling in the indices. His forecast indicates that the meme coin could dip to $0.08 in the coming weeks. The analyst stated that it “pains” him to say it could “probably keep bleeding until $0.08.”
“Pains me to say it but Dogecoin probably keeps bleeding until $.08. I still think this is probably a decent one for this cycle for passive investors but eh,” he tweeted. He also told his 215,000 followers on X that leading altcoins are currently in bearish territory and might not surge in price. “Most altcoins are in bear markets and have been for a while,” he said.
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Dogecoin Losing Its Hype
Dogecoin was the most talked-about cryptocurrency in the markets from 2020 to 2022. For two years, its hype and buzz have been slowly eroding as its price has been non-performing.
Investors have repeatedly attempted to bring it alive through memes and jokes, but they have failed. Even Tesla CEO Elon Musk’s tweets about DOGE have not increased its price in the charts.
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The meme coin is now at the mercy of the markets and moves in tandem with economic affairs. The buzz of a larger-than-life personality and fanfare is slowly ending.
Therefore, Dogecoin might have more trouble brewing in the coming years as its price depends on hype to survive.