Is $0.10 Really Dogecoin’s “Next Stop”?

Dogecoin DOGE/USD is facing downward price pressure, leading traders to wonder how far DOGE could fall.

What happened: Crypto analyst Rock described three potential scenarios based on current chart models. He compared Dogecoin’s chart to that of Recover.ai FET/EUR, noting similar trends. His analysis suggests that Dogecoin is currently retesting the March and May lows and support.

Pierre’s analysis suggests that Dogecoin is at a critical juncture and its performance in the coming days could set the tone for its future trajectory. He said: “The approach needs to hold/bounce, but without looking too outgoing until it can reclaim the D1 downtrend and defend it. »

Notable crypto trader Kevin said “Dogecoin has lost all macro support and moving averages. 10 cents is probably the next stop.

Another trader compared the price of Dogecoin to the past performance of Bitcoin.

Also Read: Arthur Hayes and Raoul Pal Predict Dogecoin ETF: “If People Queue for Luxury Brands, They Will Trade Meme Coins Online”

Why is this important: Whale Alert data indicated that 95 million DOGE, worth $12.9 million, was transferred from an unknown wallet to Robinhood.

Data from IntoTheBlock noted a 21% increase in large transaction volume. 77% of Dogecoin holders are making profits at current levels, up from 81%. Total foreign exchange inflows and transactions above $100,000 remain stable.

Dogecoin co-creator Billy Markus said he would rather own bitcoin than Dogecoin.

And after: Bitcoin’s influence as an institutional asset class is set to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.

Read Next: Dogecoin, Shiba Inu and Floki Are ‘Dino Coins,’ Trader Says: He Likes These Other 3 Coins as ‘Blue Tokens’

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