A market-renowned analyst says he’s turning bear on the original meme coin project, Dogecoin. However, the analyst states that he prefers the DOGE competitor, which has exploded over 1,800% in four months.
“This meme coin has more potential than the original!”
As you follow on Kriptokoin.com, the crypto market is red today. Crypto analyst nicknamed Altcoin Sherpa is expressing his bearish sentiment on Dogecoin amid the market downturn. The analyst also says that the meme coin Pepe currently looks more promising than Dogecoin. In this context, Altcoin Sherpa makes the following statement:
I think PEPE is probably a better buy than DOGE. I say this as a PEPE bag owner. So I’m obviously biased. However, this makes sense considering that Dogecoin’s market cap is relatively high.
With a market cap of just under $473 million, PEPE is up over 1,800% from its price of approximately $0.000000055 on April 19. With this, the meme coin is seeing a drastic drop in press time. PEPE is trading at $0.0000009817, losing over 11% on a daily basis at the time of writing.
DOGE will see a sharp decline, according to analyst
According to altcoin Sherpa, the original meme coin project, Dogecoin, is also showing a bearish trend. The analyst predicts DOGE will fall as low as about 21% from the current level. In this direction, the analyst shares the following predictions:
I think this will mostly go down to $0.05. Maybe not exactly $0.05 but $0.055 or something like that. Seems logical. Dogecoin is not looking very good.
The original meme coin is trading at $0.06258, down 2.40% on a daily basis at the time of writing. On the upside potential of the leading meme coin, the crypto analyst said, “I think Dogecoin is almost locked to pumping eventually. But it’s relatively high in market value that it’s a bit different these days.” says.
DOGE price projection: Is the meme coin ready to take a leap?
Recent data shows that DOGE has risen from its low. That’s why analysts suggest it’s preparing for a bigger leap forward. Meanwhile, DOGE needs to continue buyers’ accumulation to recover towards the primary resistance of $0.07154. DOGE has dropped significantly after breaking out of an interesting recovery pattern on the daily timeframe chart.
DOGE price is down more than 24% after breaking out of the ascending parallel channel from August 13 to August 17. However, DOGE managed to gather support from the lower level to rebound. DOGE needs to avoid falling into the trap of short sellers during the recovery period. Meme coin price is at $0.06263. Transaction volume decreased by 31% during the day.
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