Dogecoin’s Cycle Peak Projected $8-10 By Top Trader Amid Pullback, But Here’s Why You Should Be Careful
Dogecoin (CRYPTO: DOGE) has taken a sharp U-turn this week amid the broader cryptocurrency market’s decline, but that hasn’t deterred optimists.
What happened: The dog-themed meme coin has descended as much as 19% this week from the 7-day peak of $0.48. The downturn has been precipitated by Bitcoin’s (CRYPTO: BTC) flash crash on Monday.
Widely followed cryptocurrency analyst Trader Tardigrade observed that DOGE was oscillating between the oversold and overbought zones on the macro chart and that the cycle top was still a long way away.
“DOGE has just left the oversold zone and is now heading to the overbought zone, which is projected linearly at around $8 to $10,” the analyst stated. “I consider this is the top of this cycle.”
Trader Tardigrade projected that after the top, DOGE could fall to the support zone of $0.8 to $1.8, which could be an entry point for the next cycle.
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