The Dogecoin worth has began out this month with a crash, sparking a bearish sentiment amongst DOGE traders. This bearish sentiment is additional strengthened by historical data, which means that these traders shouldn’t be too optimistic in regards to the foremost meme coin recording important features this month.
Dogecoin Begins February With 23% As Historic Information Paints Bearish Image
CryptoRank data reveals that the Dogecoin worth has suffered a 23% crash for the reason that begin of February. This follows the monthly green close, which the foremost meme coin loved in January, with a 4% acquire within the first month of the 12 months. Amid this worth crash for the reason that begin of this month, historic information additionally factors to a bearish outlook for DOGE all through this month.
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Additional information from CryptoRank reveals that February is traditionally a bearish month for Dogecoin. The foremost meme coin has suffered a month-to-month common lack of 1% in February because it launched in 2013. DOGE has had solely 4 month-to-month inexperienced closes in February during the last twelve years.
Nevertheless, it’s price mentioning that Dogecoin has solely as soon as closed out February with a lack of over 20%, which was in 2014, when its worth crashed by over 30%. As such, the meme coin might nonetheless witness a reduction bounce, which might reduce the severity of the 23% worth crash suffered for the reason that begin of this month.
In the meantime, regardless of the historic information portray a bearish outlook for Dogecoin, crypto analysts have offered a bullish outlook for the meme coin. Crypto analyst Master Kenobi just lately highlighted a similarity between DOGE’s present worth motion and that of the 2017 bull run. Primarily based on the similarities, he predicted that Dogecoin might quickly start the following leg of its bull run, rallying above $1 and reaching a market peak someday in April.
DOGE Can Nonetheless Attain $10 In This Cycle
In an X put up, crypto analyst Ali Martinez predicted that Dogecoin might nonetheless attain $10 on this market cycle. He said that so long as DOGE holds above $0.19, the setup for a parabolic rally towards $10 stays sturdy. The analyst added that momentum is constructing for the foremost meme coin, indicating that it might quickly start the following leg of its bull run.
Crypto analyst Trader Tardigrade predicted that Dogecoin might not less than attain $4.5. He said that DOGE’s Common Directional Index (ADX) alerts a doubtlessly huge bull run on the horizon. The ADX measures development power by quantifying the diploma of directional motion in worth. Analyzing the weekly chart, the analyst asserted {that a} “tremendous sturdy development” might occur quickly and can attain its peak within the coming weeks because the meme coin reaches $4.5.
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On the time of writing, the Dogecoin worth is buying and selling at round $0.25, down over 4% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture from Unsplash, chart from Tradingview.com
