Dogecoin Sentiment Nears Lowest In A Year, Signaling A ‘’Daring Contrarian’’ Opportunity
Sentiment toward meme coin titan Dogecoin (DOGE) is close to its lowest point in a year and that may signal significant upside potential if the crypto market trends back up, said on-chain intelligence firm Santiment
“Crowd sentiment has been near its lowest point over the past year, meaning there is actually some nice upside to be a daring contrarian toward DOGE (in particular) if crypto markets begin to trend upward again,” Santiment said in a Jan. 9 crypto markets insight report .
Trader Says Dogecoin Is Forming A “Selling Climax Bottom”
Since reaching a top 1 month ago, Dogecoin has shed approximately 28% of its value, according to Santiment. Sentiment around the largest meme coin by market cap is also currently bearish, with Santiment rating crowd sentiment for Dogecoin just 1 out of 5.
However, there might be a bullish change in DOGE’s trend soon, according to a popular trader and analyst who goes by the X username “Trader Tardigrade.” In a post published today for his more than 70.2K followers, the analyst said that the meme coin is forming a “selling climax bottom.”
The analyst also noted that DOGE remains above a key support trendline. As such, the X user forecasts that the crypto will start to show a “sign of strength,” which will lead to a surge.
Altcoin Bull Market Not Over Yet
Renowned analyst and trader Michael van de Poppe also recently shared his take on the market and rebuffed the idea that the altcoin bull market is over.
According to the analyst, the recent correction in the altcoin market cap is just a “shake-out” before the actual bull run begins. “There’s so much going on that the current market valuation is a very low one compared to the upcoming one in the coming 2-5 years,” he said.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Price analysis 1/10: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX, SUI, TON