- Dogecoin’s recent performance against Bitcoin indicates potential further decline.
- Merten points to DOGE/BTC’s moves from June and October 2022 as pivotal indicators for the coin’s future.
Addressing his significant YouTube following of 512,000, Merten conveyed that Dogecoin’s current trajectory versus Bitcoin doesn’t exhibit the characteristics typical of a bull market. He remarked, “For me to believe in a bullish Dogecoin, we’d need to witness consecutive monthly increases of 10%, 20%, or 30%.” Reminiscing about previous bullish trends, he highlighted instances where Dogecoin displayed robust spikes such as 600%, 542%, and ranges between 30% to 209% within just a month.
The Significance of DOGE/BTC’s 2022 Movements
For Merten, Dogecoin’s real potential will surface if it begins to mirror its behavior from June and October 2022 against Bitcoin. He emphasized, “Beyond any narratives or external influences on coins, what truly matters is their price action. If the price isn’t garnering interest, and we observe a continuous descent with a scarcity of buyers, it’s a signal that the downward trend might persist.”
Where Might Dogecoin Settle?
Based on current trends and insights, Merten anticipates a significant correction of nearly 90% for Dogecoin. This would mean that DOGE/BTC might find its footing around the 0.00000130 mark. To put it into context, DOGE/BTC is currently trading at 0.00000218 BTC, which translates to $0.0582 at the time of this report.