Crypto Analyst CrediBULL Crypto revealed its bearish expectations for the leading coin, Dogecoin (DOGE). Based on his analysis, the cryptographic token could fall to $0.5 soon enough.
How Dogecoin Could Fall to $0.5
CrediBULL Crypto mentioned in an X (formerly Twitter) post that Dogecoin could fall to this price level depending on the movement of Bitcoin. He further revealed that he would look to open a short position if the meme coin first hits between $0.18 and $0.20. Meanwhile, in a video posted on his YouTube channel, the analyst explained why he thinks that Dogecoin could indeed go that low.
According to CrediBULL Crypto, Bitcoin will likely suck a lot of liquidity from altcoins as it begins to rise. This will cause significant price drops for crypto tokens like Dogecoin, as there are none. sufficient liquidity to maintain an upward trend. Specifically, he noted that DOGE’s drop to $0.5 would occur when Bitcoin hits $100,000as he predicts, this is when the flagship crypto token will suck up most of the liquidity from the market.
The crypto analyst further claimed that while it may seem unfathomable, a fall in Dogecoin to such lows is possible given the massive increase it has already made against its Bitcoin pair. As such, he declared that a 50% retracement is “nothing”, keeping that in mind.
In the future, he expects Dogecoin to be rejected, like other altcoins, during its next rally and then fall to between $0.9 and $0.10. He added that a relief pump would likely follow after that, but the meme coin will face another rejection, leading to an “even bigger decline and bleeding as Bitcoin soars.”
Dogecoin will hit $1 again
Despite its bearish expectations for Dogecoin, CrediBULL Crypto “100%” agrees with those who predicted that the meme coin will go to $1 in this market cycle. He, however, noted that this decision would not be as simple as that of some other crypto analysts. claim it would be.
Based on its expectations, CrediBULL Crypto disagrees that Dogecoin has hit rock bottom and will begin to move upwards unhindered. Instead, he predicts that the meme coin will only make this decision after liquidity in the crypto market shifts towards Bitcoin and large-cap tokens. Once this is done, he expects the memes to be at the end of the rotation, and that is when Dogecoin will do this parabolic rise to $1.
At the time of writing, Dogecoin is trading at around $0.16, up more than 1% in the last 24 hours, according to data from CoinMarketCap.
DOGE price falls below $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from CNN, chart from Tradingview.com
