Dogecoin (CRYPTO: DOGE) is facing downwards price pressure, leading traders to question how much DOGE could drop.
What Happened: Crypto analyst Pierre outlined three potential scenarios based on current chart patterns. He compared Dogecoin’s chart to that of Fetch.ai (CRYPTO: FET), noting similar patterns. His analysis suggests that Dogecoin is currently retesting the March and May lows and support.
Pierre’s analysis suggests that Dogecoin is at a critical juncture, and its performance in the coming days could set the tone for its future trajectory. He stated, “Approaching must hold/bounce but not particularly looking too exiting until it can reclaim D1 downtrend and defend it.”
Notable crypto trader Kevin stated “Dogecoin has lost all macro support and moving averages. 10 cents is likely next stop.”
Another trader compared Dogecoin’s price to past Bitcoin performance.
Why It Matters: Whale Alert data indicated that 95 million DOGE, worth $12.9 million, were transferred from an unknown wallet to Robinhood.
IntoTheBlock data noted a 21% increase in large transaction volume. 77% of Dogecoin holders are in profit at current levels, down from 81%. Total exchange inflows and transactions greater than $100,000 remain flat.
Dogecoin co-creator Billy Markus said that he would rather own one bitcoin than one Dogecoin.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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