Dogecoin Crash Predicted: Analyst’s Forecast and Future Outlook
Note: This post may contain affiliate links, and we may earn a commission (with No additional cost for you) if you make a purchase via our link. See our disclosure for more info. The crypto world is constantly changing. This content is for informational purposes only and not financial, legal, or professional advice So, please verify the info on the cryptocurrency provider’s websites.
A crypto analyst, Master Ananda, accurately predicted the recent Dogecoin price crash, highlighting a short-term bearish trend despite a long-term bullish outlook. The analyst's prediction, made while Dogecoin traded near $0.20, anticipated a pullback and correction, correctly identifying the subsequent drop below the crucial $0.18 support level. This decline, initiated on May 11th following a market recovery, is viewed as a continuation of a bearish pattern that began in December 2024 with lower highs. However, the analyst remains optimistic about Dogecoin's long-term prospects. Master Ananda expects the correction to find a bottom above the April 7th lows, around $0.15, before a recovery begins. This prediction is based on the formation of lower highs since December 2024 and the recent break of the $0.18 support. The analyst advises investors holding Dogecoin to be patient and wait for the market to stabilize before expecting a bullish reversal. Short-term traders are cautioned against holding positions for extended periods due to the anticipated short duration of the current correction. While acknowledging the possibility of a deeper, temporary drop if leveraged positions are liquidated, the analyst ultimately anticipates a higher low compared to the April 7th low, suggesting a relatively swift recovery. The analyst's forecast provides valuable insights for both long-term holders and short-term traders navigating the volatile Dogecoin market.
(Source: https://www.newsbtc.com/news/dogecoin/analyst-dogecoin-price-crash/)
