{"id":2929876,"date":"2023-10-11T15:55:59","date_gmt":"2023-10-11T19:55:59","guid":{"rendered":"https:\/\/platoaistream.com\/plato-data\/nicholas-merten-issues-dogecoin-warning-says-doge-hasnt-fallen-far-enough-heres-why-the-daily-hodl\/"},"modified":"2023-10-11T15:55:59","modified_gmt":"2023-10-11T19:55:59","slug":"nicholas-merten-issues-dogecoin-warning-says-doge-hasnt-fallen-far-enough-heres-why-the-daily-hodl","status":"publish","type":"station","link":"https:\/\/platoaistream.com\/plato-data\/nicholas-merten-issues-dogecoin-warning-says-doge-hasnt-fallen-far-enough-heres-why-the-daily-hodl\/","title":{"rendered":"Nicholas Merten Issues Dogecoin Warning, Says DOGE Hasn\u2019t Fallen Far Enough \u2013 Here\u2019s Why – The Daily Hodl"},"content":{"rendered":"

Crypto analyst Nicholas Merten is issuing a warning that memecoin Dogecoin (DOGE<\/a>) is likely not finished correcting against Bitcoin (BTC<\/a>).<\/p>\n

In a new video update, Merten tells<\/a> his 512,000 YouTube subscribers that he expects Dogecoin to remain in a bearish trend against Bitcoin for a while as the monthly DOGE\/BTC chart continues to show weakness.<\/p>\n

\u201cI do believe that things will go up and to the right in the future. I just don\u2019t think they\u2019re going to do it yet. <\/em><\/p>\n

I got to say, if this is new support and all we see is a 22% move [up] on a monthly candle followed by three months of just fading those gains with no follow through, that\u2019s not a bull market. <\/em><\/p>\n

We can see what Dogecoin looks like in a bull market \u2013 600% moves in a month, 542%, even towards more moderate months, 80%, 30%, 209%, multiple months. 73%, 79%, 114% in a single month. That is what I\u2019m looking for. And maybe Dogecoin isn\u2019t going to produce such optimistic results. But man, I got to see some 10%, 20%, 30% months in a row before I start to really getting excited.\u201d<\/em><\/p>\n

Source: DataDash\/YouTube<\/figcaption><\/figure>\n

According to Merten, Dogecoin is only worth looking at if DOGE\/BTC starts to repeat similar moves to June and October of 2022.<\/p>\n

\u201cI don\u2019t care about this [current trend]\u2026 From buyers in June [2022], a 23% move, barely closing any of those gains out, holding them up there and then having a 94% move. I understand there\u2019s some nuance with maybe Elon [Musk] was saying Twitter was going to use DOGE or whatever. <\/em><\/p>\n

Look, whatever. It doesn\u2019t matter what the narrative is. What matters is the price action. Because no matter what those narratives are, if price is not showing that it\u2019s interested at that range anymore, and we\u2019re moving lower and lower, and there\u2019s no buyers coming in, we\u2019re likely going to continue moving lower and lower. <\/em><\/p>\n

It\u2019s a rolling effect of weakening expectations. People slowly coming to the realization that they were overexposed, that what they thought was a dip is still too high. And only until you really get that market buy-side pressure will these assets start to move.\u201d<\/em> <\/span><\/p>\n

Merten is anticipating a roughly 90% correction, which would mean DOGE\/BTC would find its market bottom around 0.00000130.<\/span><\/p>\n

DOGE\/BTC is trading at 0.00000218 BTC ($0.0582) at time of writing.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n<\/div>\n

Generated Image: Midjourney<\/em><\/span><\/p>\n

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