Dogecoin (DOGE), which has gained an important position in the cryptocurrencies market in recent years, continues to increase its popularity. With its creatively designed mascot, social media engagement, and active community, meme coin has garnered a lot of attention among investors and cryptocurrency enthusiasts for a while. Recently, a prominent analyst made a claim that Dogecoin (DOGE) could start a rally by the end of the year or early 2024.
DataDash host Nicholas Merten said in a new video update that smart investors tend to hoard altcoins like DOGE at a heavily discounted price.
According to Merten, when Dogecoin (DOGE) is about 95% below its all-time high (currently 91% lower), the accumulation period should begin:
“Smart money, hoarders, they’re looking at these previous discount ranges, trying to build positions around those ranges…”
While DOGE is just 91% down from its all-time high, Merten also warns of other big dips before the popular meme coin triggers an upside rally. The analyst does this based on previous price movements:
“If we take the same range that was around five cents in June and we pull that down 95%, we’re talking about a price level that goes down to $0.35, if we go down to 96.5%, we’re talking about $0.25. We’re talking about $0.25, which means you could face a significant drop in your positions again…
It can go until 2024, it can be at the end of this year… The main point here is the percentage decrease target, and we are 91% below the peak at the point we have reached, we still have a long way to go.”
You can check the price movements here.