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Dogecoin (DOGE) Price Remains Weak Amid Market Downtrend, Target Still In Play Despite Whale Absence
Despite the current market downturn, a glimmer of hope still remains for Dogecoin enthusiasts as a prominent crypto analyst suggests that the meme coin’s price can still rally to its much-anticipated $1 target. This comes amid a report revealing that Dogecoin open interest has crashed over $3 billion since January.
The DOGE price is currently trading at around $0.21, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Meanwhile, the whales have chosen to remain on the sidelines amid this downtrend, their absence potentially contributing to a further downturn given their significant impact on the meme coin’s value.
Trader Tardigrade, a well-respected crypto analyst, has suggested that Dogecoin is following a similar pattern to its 2017 bull run. He believes that DOGE will not only reach the $1 target but potentially even surpass it by rallying above $1.7 in this next surge.
This assertion aligns with previous predictions from another prominent analyst, DOGECAPITAL, who posits that DOGE will move towards $1.7 once consolidation is complete. His analysis suggests that a parallel resistance level would be breached, mirroring similar patterns observed during the 2017 and 2021 bull cycles.
In conclusion
Source: https://bitcoinist.com/dogecoin-open-interest-crashes-2/
