The popular Cryptocurrency trader and analyst Ali Martinez took the fall of Dogecoin (CRYPTO:DOGE) in stride, saying on Monday that he would use it to buy more of the top meme cryptocurrency.
What happened
Martinez, known for spotting chart patterns and projecting future movements of major cryptocurrencies, said he was “grateful” for the drop as it is the start of DOGE’s bull cycle.
“I am grateful for the drop and will buy more between $0.40 and $0.30. The target is still $3 and if things get wild, $18,” the analyst said, maintaining his optimistic view.
Check out where we are in the #Dogecoin $DOGE bull cycle! Very early, right?
For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18! pic.twitter.com/jdPODkxgHe
— Ali (@ali_charts) December 9, 2024
Another very followed analyst on X, Jake Wujastykstated that the most recent drop helped eliminate excess leverage, opening the door to new bullish potential for the doggy-inspired cryptocurrency.
More Read
#Dogecoin A little flush to clear out the leverage.
Probably best before a new upside move starts. $DOGE pic.twitter.com/Mz9FpoaqkL
— Jake Wujastyk (@Jake__Wujastyk) December 9, 2024
In fact, DOGE’s open interest-weighted funding rate fell from 0.08% to 0.0024% in the last 24 hours, according to data from Coinglass.
Additionally, the number of Binance accounts with long DOGE positions increased sharply compared to those betting against the cryptocurrency, according to the Long-Term Sales Ratio.
Why is it important
The bullish comments mentioned above come amid an overall market decline that saw DOGE drop more than 10%.
Trading volume for the meme coin increased by 93% in the last 24 hours, indicating that rampant selling was occurring.
Additionally, large transactions also increased by 41%, according to data from IntoTheBlock, while the balance of long-term holders decreased by 0.88%.
Dogecoin price movement
At the time of writing, Dogecoin was trading at $0.4082, down 6.95% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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