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Dogecoin Rally Halts, Setting The Stage For Potential Price Correction, Here’s Why
The post Dogecoin Rally Halts, Setting The Stage For Potential Price Correction, Here’s Why appeared on BitcoinEthereumNews.com. Dogecoin was one of the best-performing crypto assets following a recent upswing in the general market in the past few weeks. However, considering several indicators and current price action, a correction might be forthcoming for the largest meme coin. Bearish Price Signal Emerges For Dogecoin Dogecoin’s renewed price uptrend could be poised for a setback as Dima James Potts, a market expert and investor has predicted that DOGE may be heading for a correction in the short term. His prediction comes as market dynamics continue to shift after the meme coin’s recent rally, which has sparked uncertainty among investors and traders. The market expert analysis is bolstered by historical price trends, particularly in the last cycle, which triggered a notable pullback for Dogecoin amidst its bull run, suggesting a similar scenario in the ongoing market cycle. With speculation about profit-taking growing significantly, this forecast raises concerns about the stability of meme coin’s current upward momentum. According to the analyst, during the previous market cycle, Dogecoin saw a sharp decline of about 56% short after hitting the 78.6% Fibonacci level. Meanwhile, the meme coin has once again reached the 78.6% Fibonacci level this week, implying that the same price correction could be on the horizon before resuming its upside strength toward higher levels in the ongoing cycle. Historical trend points to a possible correction for DOGE | Source: Dama James Potts on X While a substantial pullback could be imminent, James Potts has highlighted that his prediction does not suggest a sell signal, rather, it is merely a comparison of past cycle price movements with this current cycle. “As I mentioned in my previous posts, expect significant pullbacks on the way to the top,” he added. It is worth noting that the expert anticipates a market top for Dogecoin at the…
The post Dogecoin Rally Halts, Setting The Stage For Potential Price Correction, Here’s Why appeared on BitcoinEthereumNews.com.
Dogecoin was one of the best-performing crypto assets following a recent upswing in the general market in the past few weeks. However, considering several indicators and current price action, a correction might be forthcoming for the largest meme coin. Bearish Price Signal Emerges For Dogecoin Dogecoin’s renewed price uptrend could be poised for a setback as Dima James Potts, a market expert and investor has predicted that DOGE may be heading for a correction in the short term. His prediction comes as market dynamics continue to shift after the meme coin’s recent rally, which has sparked uncertainty among investors and traders. The market expert analysis is bolstered by historical price trends, particularly in the last cycle, which triggered a notable pullback for Dogecoin amidst its bull run, suggesting a similar scenario in the ongoing market cycle. With speculation about profit-taking growing significantly, this forecast raises concerns about the stability of meme coin’s current upward momentum. According to the analyst, during the previous market cycle, Dogecoin saw a sharp decline of about 56% short after hitting the 78.6% Fibonacci level. Meanwhile, the meme coin has once again reached the 78.6% Fibonacci level this week, implying that the same price correction could be on the horizon before resuming its upside strength toward higher levels in the ongoing cycle. Historical trend points to a possible correction for DOGE | Source: Dama James Potts on X While a substantial pullback could be imminent, James Potts has highlighted that his prediction does not suggest a sell signal, rather, it is merely a comparison of past cycle price movements with this current cycle. “As I mentioned in my previous posts, expect significant pullbacks on the way to the top,” he added. It is worth noting that the expert anticipates a market top for Dogecoin at the…
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