Crypto analyst KrissPax believes Dogecoin has discovered a flooring of round 9 cents regardless of retreating from current highs.
In a video posted to his YouTube channel on Dec. 12, crypto analyst and influencer KrissPax weighed in together with his newest ideas on the worth motion and outlook for in style memecoin Dogecoin (DOGE).
The analyst believes the broader crypto market is at present in a interval of pullback and consolidation after the sharp run-up throughout many main cryptocurrencies final month. He cited Bitcoin (BTC) falling under $42,000 for example of the market resetting from overheated circumstances.
Turning his focus to Dogecoin, the analyst famous that DOGE had retreated from native highs above 10 cents reached earlier this month. Nonetheless, he believes the coin has discovered assist across the 9 cent stage, close to the place it was buying and selling only one week in the past on Dec. 5.
“Now resetting again to that stage, we’ll be taking a look at the place Doge goes from right here,” the analyst commented. He nonetheless believes there might be additional dips within the close to time period however considers the 9-cent zone an necessary space of potential shopping for curiosity.
A key potential catalyst for Dogecoin is the upcoming DOGE-1 mission to the Moon in late December, which the analyst predicts might create pleasure and drive the worth above 11 cents. Nonetheless, he cautions merchants to be cautious of extreme leverage utilization, which has led to cascading liquidations throughout current volatility.
The analyst maintains a bullish medium-term outlook, stating that if Dogecoin can break above resistance round 11 cents, it opens the door for costs to revisit ranges close to 16 cents reached in late 2022. His year-end worth goal stays 12 cents.