This crypto analyst says Dogecoin (DOGE) is under pressure and ‘going to zero’

Dogecoin Faces Uncertain Future After Whale Divestment

Dogecoin (DOGE) is grappling with a challenging outlook due to a significant $16 million divestment by a major holder, speculated to be a "whale" investor.

Cryptocurrency expert Mags has outlined historical price trends for DOGE, with Phase 3 indicating a potential sharp decline towards zero. The meme coin is currently in a downtrend and is expected to lose its value due to its cyclical nature.

Despite a recent 4% price surge, technical indicators suggest investor uncertainty and the potential for a chain reaction.

However, a glimmer of optimism remains for DOGE. Increased trading volume indicates heightened activity, possibly signaling a buying spree among loyal DOGE supporters.

A breakthrough above the initial resistance level of $0.14 could hint at a potential reversal, but requires a shift from historical patterns and a positive market outlook.

Elon Musk, often referred to as the "Dogefather," has remained relatively silent, leaving the market lacking a catalyst for sustained upside momentum.

CoinCodex's technical analysis predicts a 13% price decline for DOGE, with a projected value of $0.12 by July 13, 2024. Current sentiment is bearish, indicating widespread anticipation of price declines. However, the Fear & Greed Index currently stands at 70, suggesting significant greed among investors.

Notably, Dogecoin's trading volume has increased by over 35.67% in the past month.