- Popular cryptocurrency trader and analyst Ali Martinez said he was thankful for the dip in Dogecoin (DOGE) as it allowed him to buy more, maintaining his bullish stance with a target of $3 and potentially $18 if “things go wild.”
- Another analyst, Jake Wujastyk, stated that the latest dip helped clear out excess leverage, paving the way for a potential new upside move for Dogecoin.
- The bullish remarks come amidst a broader market slump that pulled Dogecoin down by more than 10%, with surging trading volume indicating rampant selling.
Renowned cryptocurrency trader and analyst, Ali Martinez, remains unfazed by Dogecoin’s recent downturn. Instead, he sees it as an opportunity to purchase more of the famous meme coin.
The Trader’s Reaction to Dogecoin’s Decline:
Ali Martinez, a highly respected cryptocurrency analyst, showed no concern about the recent fall in Dogecoin’s value. On the contrary, he stated on Monday that he would leverage this dip to acquire more of the leading meme coin.
The Future Predictions for Dogecoin:
Martinez, known for his ability to identify chart patterns and predict the future movements of top cryptocurrencies, expressed gratitude for the dip as he believes it’s still early in the Dogecoin bull cycle. He plans to buy more Dogecoins when the price ranges between $0.40 and $0.30. The analyst remains optimistic, setting his target at $3 and even $18 if the market conditions go wild.
The Impact of the Dip on the Market:
Another well-known analyst, Jake Wujastyk, noted that the recent dip helped to clear out excess leverage, paving the way for a new upward trajectory for the dog-themed cryptocurrency. According to data from Coinglass, Dogecoin’s Open Interest-weighted funding rate dropped from 0.08 to 0.00024 in the last 24 hours. Furthermore, there was a significant increase in the number of accounts on Binance taking long positions on Dogecoin compared to those betting against the cryptocurrency, as per the Long/Short Ratio.
The Broader Market Slump’s Consequences on Dogecoin:
Amid a broader market slump, DOGE’s value slipped by more than 10%. The meme coin’s trading volume rocketed by 93% in the last 24 hours, indicating a surge in selling activities. Large transactions also increased by 41% as per data from IntoTheBlock, while the balance of long-term holders decreased by 0.88%.
Dogecoin’s Current Market Status:
At the time of writing, Dogecoin was trading at $0.4034, marking a 2.85% decrease in the last 24 hours, according to data from Benzinga Pro.
Conclusion:
Despite the market downturn, Martinez and other analysts remain bullish on Dogecoin. They view the recent dip as a buying opportunity rather than a cause for concern. The future of Dogecoin looks promising if these market predictions hold true.
