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Dogecoin analysis – the correction still does not end and the price is 80% below ATH

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Dogecoin, like the market as a whole, continues to correct and is failing to reach a rising low or a growing long-term high. At the time of writing, trading is on level $ 0.136 which represents a decrease of about 80% from ATH. Therefore, we can identify the current decline as deep and so far endless.

The most bear scenario is that the price would go back to the zone point of control at about $ 0.06. Nevertheless, it is possible even earlier deterrence. However, if the market as a whole continues to decline, this scenario is realistic. DOGE achieved a similar structure in the first quarter of 2021, after which there was rocket growth. Will it be the same now?

Dogecoin is in deep correctionDogecoin is in deep correction. Source: TradingView

Dogecoin continues to correct

Probably in the long run price Dogecoin gets to final phase of the correction. This may also apply to the market as a whole. In such a case, it would be possible that the price would go into a new rising trend. But even this turnaround is unlikely to happen immediately, and the reversal can take several months.

If you are wondering if it is advantageous to buy Dogecoin now, it probably is, because the price is 80% below ATH. However, be aware that if you make a purchase, you may experience a loss for the first few months.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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