Meme Coin Lovers Need to Be Patient, Dogecoin is Still in a Bearish Phase

The biggest meme crypto, Dogecoin. (Photo; Doc. Techstory)

JAKARTA – The fall in the price of Bitcoin also dragged down the price of altcoins including the meme coin Dogecoin. Crypto analyst Nicholas Merten has warned that Dogecoin (DOGE) may not have finished correcting against Bitcoin (BTC).

In his latest video update, Merten explains that he sees Dogecoin still in a bearish trend against Bitcoin as the DOGE/BTC monthly chart shows continued weakness.

"I believe that things will pick up and move in the right direction in the future. I just don't think they will. I have to say, if this is new support and all we see is a 22% move [up] on the monthly candle that "followed by three months of just fading those gains without any follow-up, that's not a bull market," Merten said.

Merten explained that Dogecoin is only worth paying attention to if the DOGE/BTC pair starts to show signs of positive movement, as happened in June and October 2022. According to him, the narrative or story around the crypto asset is less relevant than the actual price movement.

Merten estimates that the possible correction could reach around 90%, so that DOGE/BTC could reach its lowest point at around 0.00000130 BTC or the equivalent of IDR 569 per coin. When this article was written, DOGE/BTC was trading at 0.00000218 BTC (around IDR 900) per DOGE. According to Coingecko data, DOGE's price performance decreased by around 1.3% in 24 hours and 4.2% in the last week.