The rollercoaster ride continues for Dogecoin (DOGE), the meme-inspired cryptocurrency that’s captured the imagination (and investment) of millions. After mirroring the broader crypto market’s recent slump with a 25% drop to $0.082, DOGE has shown signs of recovery, climbing 10% to its current price of $0.092.
This has sparked a key question: has Dogecoin finally hit rock bottom?
Analyst Kaleo Weighs In
Respected crypto analyst Kaleo believes the worst may be over for DOGE. He suggests the recent lows – the “high 7s / Low 8s” – represent the cycle’s bottom, with DOGE unlikely to revisit the previously anticipated 6-7 cent range. This offers a glimmer of hope for investors worried about further declines.
Kaleo’s optimism isn’t unfounded. He has a history of accurate predictions, particularly regarding DOGE. Back in July, before the market dip, he anticipated a sharp decline followed by a potential surge. Interestingly, even during DOGE’s recent descent, Kaleo saw opportunity in the “discount,” suggesting it could be a good time to accumulate.
DOGE’s Recovery: A Sign of Things to Come?
With DOGE’s price experiencing a significant bounce, the question remains: is this a minor uptick or the beginning of a major rally? To understand DOGE’s potential, we need to look beyond the current price movement.
Open Interest and Profitability Signals
Data from Coinglass reveals a 3.23% increase in DOGE’s Open Interest over the past 24 hours, indicating a total value of $449.7 million in unsettled derivative contracts. However, there’s been a simultaneous decrease in Open Interest volume.
Also Read: Dogecoin On Fire! 15% Rally Ignites Hopes Of $0.10 Breakthrough
Despite the price volatility, IntoTheBlock’s statistics offer some encouraging news. As of press time, roughly 70% of DOGE holders remain profitable, suggesting continued confidence in the asset’s long-term prospects.
While Kaleo’s prediction of a “NOT A BAD BOUNCE SO FAR” seems apt, only time will tell if DOGE is poised for a sustained rise. Continued positive market sentiment and strong fundamentals will be crucial factors to watch.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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