Dogecoin (DOGE) Could Go to $0.08 - Crypto Analyst 16

Dogecoin (DOGE) Could Go to $0.08 – Crypto Analyst

  • According to Timothy Peterson, Dogecoin could drop to $0.08 if the crypto-verse enters a bear market
  • Dogecoin could fall this low based on DOGE breaking a rank-size distribution pattern
  • Bitfinex Whale @Joe007 is for the opinion that the crypto markets are overvalued if DOGE is still above 1 cent
  • Dogecoin is now trading at $0.269 with the 100-day moving average acting as resistance at the $0.28 area

The popular meme-coin of Dogecoin (DOGE) could be gearing up for a correction to the $0.08 price area. This is according to an analysis shared by Timothy Peterson of Cane Island Alternative Advisors who also explained that the $0.08 price was hinged on a crypto-wide bear market lasting six to nine months.

Mr. Peterson went on to explain that his analysis was based on math as Dogecoin had broken what is called ‘a rank-size distribution pattern’ as of April 18th.

His analysis of Dogecoin can be found below alongside a chart that he shared demonstrating how DOGE had deviated from the rank-size distribution pattern when compared to other altcoins.

This [chart below] is called a rank size distribution. This is the largest 30 coins and their 7-day return. There is a pattern that $DOGE has broken. This deviation is temporary. This current situation implies Doge will lose 80%.

Dogecoin (DOGE) Could Go to $0.08 - Crypto Analyst 17

Crypto Space is Overvalued when DOGE is Above $0.01 – Bitfinex Whale @Joe007

In another analysis of Dogecoin, Bitfinex Whale @Joe007 was for the opinion that the crypto markets were currently overvalued if DOGE was still above $0.01. @Joe007 shared his opinion of Dogecoin through the following Tweet.

Dogecoin Bounces off the 200-day MA, Meets Resistance at the 100-day MA

At the time of writing, Dogecoin is trading at $0.269 after an energetic bounce from last week’s low of $0.16322 that also converged with the 200-day moving average (green) price zone. Dogecoin is currently trying to break past the 100-day moving average (yellow) that has formed a resistance level at the $0.28 price area as seen in the chart below.

Dogecoin (DOGE) Could Go to $0.08 - Crypto Analyst 18

Also from the chart, it can be observed that the daily MACD, MFI and RSI, all confirm the aforementioned trend reversal for Dogecoin.

However, a death cross is in the pipeline for Dogecoin (DOGE) as the 50-day moving average (white) looks set to cross the 200-day moving average, sometime in the third quarter of 2021. Therefore, caution is advised when trading Dogecoin in the next few weeks.