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 <p class="paragraph">The protracted – and significant – crypto bull market, started in earnest in October 2023 with a major Bitcoin (BTC) rally, has already seen multiple meme coins, old and new, surge to new highs or, at least, strive to reclaim their previous highs.</p>
 <p class="paragraph">The climate brought forth a string of predictions that Dogecoin (DOGE), the oldest meme coin in existence, is about to rise toward and beyond $1.</p>
 <p class="paragraph">One crypto expert, known as <em>Credible Crypto</em> on YouTube and <em>CrediBULL Crypto</em> on X, only partially agrees with the bullish expectations and has, in fact, recently shared his strategy for shorting DOGE.</p>
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 <p class="paragraph">Indeed, the expert believes that Dogecoin is yet to prove an uptrend with more sequential higher highs and higher lows and that it currently finds itself in a distribution top.</p>
 <p class="paragraph">According to Credible Crypto’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, DOGE price is likely to continue trading higher for some time before it enters the $0.19-0.20 range, which it will, in all likelihood, fail to sustain and break above.&nbsp;</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/UbIFPsJZd5NHpuOnLY3N5a8_1cEJgmLZuUcUgE-i7vaqHrcKpC-O1p2kr753rK33cFWq3Yo0W_HujNphgK4Wa1W8Im4oHjvprvY7j7vMQaBl_1QHj0G6MAuKzTiDiAePdvCbotzad0wEtI7fmMbpYmE" alt>
  <figcaption class="wp-element-caption">
   Possible DOGE trajectory into the ‘short zone.’ Source: @CredibleCrypto
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 </figure>
 <p class="paragraph">The analyst explained that they would take a short position once the meme coin is within this range as a drop to one of the crucial support levels and at least to the $0.09-$0.10 range, but even more likely to head toward or below $0.05.</p>
 <h2 class="wp-block-heading" id="h-short-term-bear-long-term-bull">Short-term bear, long-term bull</h2>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of Dogecoin’s likely next move partially hinges on the general trends in the crypto market, which have recently seen a significant pullback for Bitcoin and an even greater correction for other cryptocurrencies.</p>
 <p class="paragraph">Following from this, <em>Credible Crypto</em> estimates that the market is not yet in a major ‘meme cycle’ but rather that it shall have to go through the motions with the subsequent phases being ‘Bitcoin,’ ‘large caps,’ ‘mid-caps,’ and ‘small caps.’</p>
 <p class="paragraph">The expert, however, believes that a ‘meme coin megafinale’ will come at the tail end of the sequence and that a Dogecoin surge above $1 will be a crucial part of this phase. As a result, they have identified the likely fall to $0.05 as a good area to enter a long position after, hopefully, successfully shorting the meme coin.</p>
 <h2 class="wp-block-heading" id="h-doge-price-chart">DOGE price chart</h2>
 <p class="paragraph">With conflated outlooks, whether DOGE drops toward $0.05 or surges toward $1 first, its recent performance has both been strong and choppy.&nbsp;</p>
 <p class="paragraph">With that being said, in the last 52 weeks, the meme coin has surged 100.27% and managed a 77.68% climb in 2024 alone.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/H_0IQpu_610AJ6yYICzmuoYsYivDxhlOafQLRdh4lOsi9E8QuxV3UPTWlr42wWhP4bD_WN4HGn2bSZPj0EaDnAT5Td18DFXX2AXb5w9RONlxomp3_OZN0r5puB57EnkPlhHGSiR4oQNbDbu3dJk5eCk" alt>
  <figcaption class="wp-element-caption">
   DOGE YTD price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">Although more recent trading featured a rejection of a continued surge and significant volatility – albeit with consolidation within a new and higher range. As things stand, Dogecoin is down 8.27% in the last 30 days but 1.88% in the green on the weekly chart.</p>
 <p class="paragraph">Finally, the DOGE price today stands at $0.1587 after a 0.86% 24-hour drop.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/short-alert-dogecoin-could-drop-below-0-05-tbt86202.html">https://thebittimes.com/short-alert-dogecoin-could-drop-below-0-05-tbt86202.html</a></p>

Short alert: Dogecoin could drop below $0.05

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TheBitTimes

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