DOGE Down Archives

Dogecoin (DOGE) is faltering in its climb to recovery. Is it time to sell your DOGE?

A panel composed of crypto specialists and analysts are nodding to this idea and saying that it’s your cue to sell Dogecoin. Most crypto experts claim that DOGE will completely shed off its value and now is the time to sell the meme coin.

Finder, a price comparison platform, had this quarterly survey done in July. They asked the forecasts of over 54 crypto experts on how DOGE price will fare in the next decade.

55% Of 54 Crypto Experts Say DOGE A Goner

Finder asked “Do you think DOGE will completely lose its value?”

Around 55% of the experts agreed that DOGE will shed off its value while 21% says the meme coin will recuperate. Roughly 24% were not certain of DOGE’s outcome.

Approximately 3% of the experts say that DOGE will lose it value within the year, 12% believe it will happen next year, 9% see it coming in 2024, while the remaining 30% are convinced that the meme coin will completely shave off its value by 2025 or at a later time.

DOGE, the meme coin popularized by Elon Musk, Tesla CEO, started with a bang but it may not be performing as expected.

More people are worried about DOGE and convinced that it may not go over the moon or as expected in its inception especially after around 55% or half of the panel says that DOGE’s fall will happen in the future. And only 21% says there is a slim chance that DOGE can bounce back and reclaim lost glory.

71% Says It’s Time To Sell DOGE

Majority of crypto experts have lost their confidence in the future value of Dogecoin but some have remained positive like Walker Homes, Metatope VP and Co-Founder, who forecasted that DOGE price can increase to $0.40 by the end of 2022.

Holmes says the token has a “great community but little utility,” adding it has the ability to draw “a culture of content creators and creatives.”

DOGE is set to show a little increase in value in 2022 and may be worth an average of $0.19 come 2025 before it spikes to $0.64 by 2030.

Roughly 71% of the panel of experts composed of crypto analysts, crypto exchange owner or executives, and directors believe that it’s time to sell DOGE.

A quarter or around 24% believe that people should hold on to the DOGE they have now while the remaining 4% are convinced that it’s time to buy.

DOGE total market cap at $9.4 billion on the daily chart | Source: TradingView.com

Featured image from The Coin Republic, chart from TradingView.com

Dogecoin continues to plunge as it failed to retain support at the $0.08 level. The bad news is that the Dogecoin price can still fall further down as the bears appear to have bypassed the triangular structure that has latched ferociously around it the previous month.

With the structure breached, the bears could pump in more capital to earn more from the DOGE plunge. The bearish candle is now falling head-first which boosts the confidence of many traders to go all-in with the bearish stance.

Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown?

DOGE’s price currently sits at $0.075. And a pause is expected before it goes for a bull run at $0.072. However, the bearish outlook will remain until the liquidity at $0.068 is driven out.

Another strong indicator of a bearish control is the DOGE price wasn’t able to get through the Relative Strength Index 40 level.

Dogecoin Mining Revenue Down

Despite DOGE being down by 89.50% from its all-time high, it seems to have jumped up by 12.78% from the cycle low it has been lingering on at $0.07.

Regardless of the little improvement, DOGE mining revenue is still down at 76.2% in the last year, making the popular meme coin one of the less profitable mining options around, according to crypto market data aggregation and analytics platform CryptoRank.

Dogecoin is at the top of the list of the five least profitable mining alternatives. Source: CryptoRank.

A drop of more than 70% in mining profitability is not impressive at all for traders – not one bit. So, does this hint trend exhaustion anytime soon?

DOGE price significantly dropped by 3.48% in the past week and was also changing hands at roughly $0.077. In addition, after the meme token dropped sharply on May 11, DOGE has since been in tight trading range. Could this possibly indicate a move up?

The indicators point towards a bearish trend. RSI has lounged under the neutral point or even appears to be southbound as of this writing.

DOGE total market cap at $8.10 billion on the weekend chart | Source: TradingView.com
No Sign Of Trend Exhaustion

Meanwhile, the volatility of DOGE is only at 88.28% in the past 30 days. All of these indicate that there is no trend exhaustion at least in the next coming weeks.

Investors should look more at the volume before taking long bets. There has been a free fall following April 26 which indicates a low buying and selling activity. Investor interest has waned intensely for a couple of weeks.

The social dominance metric hovers currently at 4.88% during press time which indicates that social media power is at play and that people continuously talk about Dogecoin despite the shivers of the crypto winter.

Suggested Reading | Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?

Featured image from Zipso.net, chart from TradingView.com