The cryptocurrency market has experienced a significant bull run since October 2023, marked by a strong Bitcoin (BTC) rally.
This surge has propelled both old and new meme coins, with many achieving new highs or approaching their previous peaks.
Amidst this upbeat market atmosphere, Dogecoin (DOGE), the first meme coin ever created, has been the subject of many optimistic forecasts suggesting it could soon exceed $1.
However, a prominent crypto analyst known as Credible Crypto on YouTube and CrediBULL Crypto on X has a nuanced view on these bullish predictions.
He recently outlined a strategy for shorting DOGE, signaling a less optimistic short-term outlook for the coin.
According to him, Dogecoin has not yet established a clear uptrend as it lacks consecutive higher highs and higher lows, and seems to be at a distribution top.
Credible Crypto’s analysis suggests that while DOGE’s price might rise for a while, it is expected to reach a critical zone between $0.19 and $0.20, which it will likely fail to maintain.
He plans to take a short position once Dogecoin hits this price range, anticipating a drop to major support levels, likely around $0.09-$0.10, and possibly even as low as $0.05.
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Despite his short-term bearish stance, Credible Crypto remains optimistic about the long-term prospects of meme coins, including Dogecoin.
He predicts that the broader crypto market’s current corrections are just part of a cycle that will eventually lead to a ‘meme coin megafinale’ featuring a significant Dogecoin rally above $1.
He suggests that the expected decline to $0.05 could provide an excellent entry point for a long position in anticipation of this rally.
This approach reflects the mixed performance of DOGE, which, while showing significant gains over the past year, has also experienced substantial volatility.
Over the last 52 weeks, Dogecoin has seen an impressive 100.27% increase, with a 77.68% rise in 2024 alone.
However, it has recently faced some resistance, with a notable 8.27% decrease over the past 30 days but remains slightly positive on the weekly chart with a 1.88% increase.
As of today, the price of DOGE stands at $0.1587, having dropped by 0.86% in the last 24 hours.
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