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Dogecoin (CRYPTO: DOGE) has been struggling to maintain its bullish momentum in recent weeks, raising concerns among traders about its short-term prospects.
What Happened: Cryptocurrency trader Kevin, formerly known as OG_Yomi, in a recent tweet, expressed his disappointment with Dogecoin’s performance, stating, “Unfortunately Dogecoin could not get the bounce back week we were looking for and in fact is now closing its lowest weekly candle in almost 2 months.”
The trader suggests that a retest of the $0.125 to $0.13 level now seems likely, emphasizing that this is a crucial support level that must hold for Dogecoin to maintain its bullish outlook. A breach of this level could potentially lead to further downside pressure on the cryptocurrency’s price.
However, in another tweet, he clarified that his short-term analysis should not be confused with his long-term perspective on Dogecoin. He acknowledges that in the immediate future, spanning the next two to three weeks, he leans towards a bearish or choppy price action for the meme coin.
Despite the short-term challenges, Kevin remains optimistic about Dogecoin’s long-term prospects. “Obviously I wouldn’t be holding if I thought it was all over,” he asserts, indicating his confidence in the cryptocurrency’s potential for growth over the next six to eight months.
Price Action: At the time of writing, DOGE was trading at $0.1409, down 5.6% over the past 24 hours, taking its monthly loss to 33.5%. Despite the fall in prices, trading volume in the past 24 hours increased by 13.2%.
Also Read: Are Dogecoin And Shiba Inu Primed For The Next Leg Up?
Why It Matters: IntoTheBlock data indicates a surge of 19.6% in large transaction volume to $853 million, while daily active addresses increased by 2.6% to 54,640.
With mounting monthly losses (33.5%), 80% of Dogecoin holders are in profit, down from prior week's 83%. Concentration by large holders stands at 63% and transactions greater than $100,000 saw a marginal increase to 266 transactions as of April 28 from 250 as of April 27.
Santiment feed data shows Dogecoin wallets with a non-zero balanced increased by 13.8%, implying sustained interest in the meme coin despite consolidation in prices.
Kevin's long-term bullish stance on Dogecoin suggests that patient investors who can weather the current uncertainty may be rewarded in the months ahead.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Meme Coins Are ‘A Pure Ponzi’ And ‘Destroying Crypto,’ Says Trader Who Thinks Dogecoin Was Different
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: $DOGE
