Seasoned crypto analysts are warning of an altcoin that has rallied over 100% since last week. Lows will be ideal for new positions, according to analysts expecting a moderate correction.
Maartunn warns altcoin investors with a new chart
CryptoQuant analyst Maartunn shared a chart pointing to a potential Dogecoin sell setup on the 1-hour time frame during the day. According to the setup, the analyst says the DOGE price could retrace to Sunday’s low of $0.11.
https://twitter.com/JA_Maartun/status/1587390782159323137
DOGE continues its last 7-day rally series with 29% today. The run ended at $0.15. The current rally comes after Twitter’s new CEO, Elon Musk, shared a picture of a dog wearing a shirt with no explanation. As Kriptokoin.com, we have transferred the details in this article.
Price action predicted by Maartunn has already happened
Markets usually consolidate after impulsive upward moves as investors choose to take profits. The price then often returns to retest previous lows before rising. Additionally, another cryptocurrency analyst, Michael van de Poppe, agrees with Maartunn’s analysis. Van de Poppe says it’s a better idea to short Dogecoin right now. However, he adds that he will prefer to buy at the bottom levels tomorrow or the following days.
https://twitter.com/CryptoMichNL/status/15874394551592065027
Michael van de Poppe sets critical levels on Dogecoin chart
In another tweet, the technical analyst emphasizes that $0.15, 0.13, 0.11 and $0.085 will be critical. Van de Poppe says that especially $0.11 and $0.085 are ideal for fairly large long trades.
How I'd be playing $DOGE at this point is quite simple.
– $0.15 short region scalp.
– $0.13 long scalps.
– $0.11 region bounce long area.
– $0.085 swing longs. pic.twitter.com/N6B17EEF3E— Michaël van de Poppe (@CryptoMichNL) November 1, 2022
Dogecoin leads the altcoin market
DOGE has rallied over 150% since Elon Musk bought Twitter over the weekend. Investors believe that the billionaire intends to integrate cryptocurrencies. Therefore, sudden price movements occurred. Similar to Dogecoin, Bitcoin and Ethereum are also moving upwards. However, DOGE has never left the first place on the green board for the past week.
Veteran analyst Peter Brandt, on the other hand, thinks Dogecoin has come out of the bear market. However, the analyst is not sure if he has started a new bull run. In his current analysis, he claimed that it is not certain that Dogecoin has started a new bull run despite the bear market structure being broken. Brandt says that new traders make quick predictions about the end of bears and the beginning of bulls, but often such assumptions are wrong:
A common mistake made by novice and aspiring traders is to assume that the end of a market’s bear phase is automatically a sign that a bull market has begun. This assumption is often wrong.
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