Dogecoin Could Plunge 21%, Altcoin Sherpa Warns25. August 2023
• Crypto trader Altcoin Sherpa expresses bearish sentiment on Dogecoin (DOGE)
• PEPE, a meme rival of DOGE, has exploded over 1,800% in the past four months
• Altcoin Sherpa believes that Dogecoin could drop 21% from its current level.
Bearish Sentiment on Dogecoin
A crypto trader is expressing bearish sentiment on Dogecoin (DOGE) amid the downturn in the market. Pseudonymous analyst Altcoin Sherpa tells his 11,000 YouTube subscribers that the memecoin Pepe currently looks more promising than Dogecoin.
Rise of PEPE
PEPE, which has a market cap of just under $473 million, is trading at $0.00000107 at time of writing, up by around 1,845% from its April 19th price of approximately $0.000000055. Dogecoin has a market cap of slightly over $8.9 billion at time of writing.
Downward Price Action
According to Altcoin Sherpa, Dogecoin is exhibiting bearish price action and could plunge by up to around 21% from the current level. “I think that this is just mostly going back down lower to the $0.05. Maybe not $0.05 exactly but like $0.055 or something like that,” he said. “It seems logical.” At time of writing, Dogecoin is trading at $0.0634 .
Upside Potential for DOGE
On the upside potential of the leading memecoin, Altcoin Sherpa says “I do think that Dogecoin is nearly locked to pump eventually.” He added that it’s so high up relatively in market cap right now that it’s a little bit different these days compared to before when it usually pumps quickly with minimal resistance.”