A crypto strategist known for going against the crowd’s sentiment is warning that Dogecoin (DOGE) is likely to plunge even as Bitcoin (BTC) hits new all-time highs.
Pseudonymous analyst Credible explains to his 395,500 followers on the social media platform fall regardless of BTC’s next move.
“So there are two important ways in which something like DOGE would reject and die:
1. BTC rejects it and bleeds out.
2. BTC prints an absolute chad of a momentum candle so big and strong that the collective attention of the space shifts to BTC for a period of time and liquidity starts to flow out of the 10,000,000 other alts (of which DOGE is one ) and in BTC as it starts to go vertical…
As always, some alts will be an exception to the liquidity drain and some will be more affected than others.”
Last week, Credible said he expects BTC to soon unleash a monster move on its way to $100,000. In such a scenario, the analyst expects that traders will offload their altcoin holdings to join the BTC rally.
Fellow crypto analyst Ali Martinez also keeps a close eye on the leading memecoin. According to Martinez, Dogecoin is facing a stiff resistance level, but notes that the memecoin could see a 100% surge if DOGE bulls take out the $0.171 area.
“Dogecoin faces significant resistance between $0.166 and $0.171, with 75,500 addresses acquiring nearly 10 billion DOGE. However, once this barrier is overcome, DOGE has the potential to double, with the next major resistance around $0.322.”
At the time of writing, DOGE is worth $0.166.
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Generated image: Midjourney