Crypto Analyst: Shorting Dogecoin Now Like ‘Stepping in Front of a Speeding Train’
The rise and rise of Dogecoin ($DOGE) is currently beating into submission even those crypto analysts who are the hugely popular meme cryptocurrency’s harshest critics.
For instance, earlier today, pseudo-anonymous crypto analyst “Altcoin Sherpa” told his 74.5K followers on Twitter that Dogecoin looks so strong right now that he would not want to short it because it would be like “stepping in front of a speeding train.”
On April 16, while doing a technical analysis of the DOGE-BTC charts for a video published on his YouTube channel, Altcoin Sherpa had this to say:
“I really cannot emphasise to you how impressive it is that Dogecoin was able to reach and breach all-time high levels in its Bitcoin pair.“
https://youtube.com/watch?v=KGH_w48dSw8%3Ffeature%3Doembed
Here are recent comments about Dogecoin by a few other popular and highly respected crypto analysts:
As for where the Dogecoin prices is headed to, Macro-economist and crypto analyst Alex Krüger now believes that the huge amount of interest in Dogecoin could take its price all the way to $1:
Messari research analyst Ryan Watkins also appears to be starting to think that we could see Dogecoin reach $1, something that would have been almost unimaginable by most members of the crypto community just a few months ago:
Throughout 2021, two billionaires — Elon Musk and Mark Cuban — have helped the Dogecoin price rise over 8,453% (from $0.0047 to $0.4020) and its market cap reach $43.6 billion (making DOGE currently the 6th most valuable cryptoasset by market cap) by talking, on numerous occasions (on Twitter and in interviews), about why they are fans of Dogecoin.
On February 8, Cuban revealed what he had said when a Forbes reported had recently asked him about Dogecoin and whether its popularity with retail investors is a bad thing.
On March 4, crypto payment processor BitPay announced that it had started allowing merchants to accept Dogecoin for payments, and that the Dallas Mavericks would be the first to accept Dogecoin.
Two days later, Cuban delighted Dogecoin holders everywhere when he said that his NBA team had had more than 20,000 orders paid for with Dogecoin and that if they managed to sell another 6.55 billion DOGE worth of merchandise, the Dogecoin price could reach $1.
Although $1 for one DOGE sounded pretty crazy back in early March, with Dogecoin currently (as of 07:35 UTC on April 20, aka “Doge Day”) trading, according to data by CryptoCompare, around $4031 (up 10.47% in the past 24-hour period), Cuban’s crazy price target is starting to sound less and less crazy day by day, especially with interest in Dogecoin at record high levels.
Featured Image by “Shutterbug75” via Pixabay.com
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Source: Read Full Article
