Crypto analyst Nicholas Merten is issuing a warning that memecoin Dogecoin (DOGE) is likely not finished correcting against Bitcoin (BTC).

암호화폐 분석가 니콜라스 머튼(Nicholas Merten)은 밈코인 도지코인(DOGE)이 비트코인(BTC)에 대한 조정을 완료하지 않았을 가능성이 높다는 경고를 발표했습니다.

In a new video update, Merten tells his 512,000 YouTube subscribers that he expects Dogecoin to remain in a bearish trend against Bitcoin for a while as the monthly DOGE/BTC chart continues to show weakness

“I do believe that things will go up and to the right in the future. I just don’t think they’re going to do it yet.

I got to say, if this is new support and all we see is a 22% move [up] on a monthly candle followed by three months of just fading those gains with no follow through, that’s not a bull market.

이것이 새로운 지지이고 우리가 보는 것이 월간 캔들에서 22% 상승한 후 3개월 동안 아무런 후속 조치도 없이 상승세가 사라지는 것뿐이라면 그것은 강세장이 아닙니다.

We can see what Dogecoin looks like in a bull market – 600% moves in a month, 542%, even towards more moderate months, 80%, 30%, 209%, multiple months. 73%, 79%, 114% in a single month. That is what I’m looking for. And maybe Dogecoin isn’t going to produce such optimistic results. But man, I got to see some 10%, 20%, 30% months in a row before I start to really getting excited.”

According to Merten, Dogecoin is only worth looking at if DOGE/BTC starts to repeat similar moves to June and October of 2021.

Merten에 따르면 Dogecoin은 DOGE/BTC가 2021년 6월과 10월에 유사한 움직임을 반복하기 시작할 경우에만 살펴볼 가치가 있습니다.

“I don’t care about this [current trend]… From buyers in June [2022], a 23% move, barely closing any of those gains out, holding them up there and then having a 94% move. I understand there’s some nuance with maybe Elon [Musk] was saying Twitter was going to use DOGE or whatever.

Look, whatever. It doesn’t matter what the narrative is. What matters is the price action. Because no matter what those narratives are, if price is not showing that it’s interested at that range anymore, and we’re moving lower and lower, and there’s no buyers coming in, we’re likely going to continue moving lower and lower.

보세요, 뭐든요. 내러티브가 무엇인지는 중요하지 않습니다. 중요한 것은 가격 조치입니다. 그 이야기가 무엇이든 상관없이 가격이 더 이상 해당 범위에 관심이 없다는 것을 보여주지 않고 우리가 점점 더 낮아지고 구매자가 들어오지 않으면 우리는 계속해서 더 낮아지게 될 가능성이 높습니다.

It’s a rolling effect of weakening expectations. People slowly coming to the realization that they were overexposed, that what they thought was a dip is still too high. And only until you really get that market buy-side pressure will these assets start to move.” 

Merten is anticipating a roughly 90% correction, which would mean DOGE/BTC would find its market bottom around 0.00000130.

DOGE/BTC is trading at 0.00000218 BTC ($0.0582) at time of writing.

Source: https://thebittimes.com/nicholas-merten-issues-dogecoin-warning-says-doge-hasn-t-fallen-far-enough-here-s-why-tbt66052.html

출처: https://thebittimes.com/nicholas-merten-issues-dogecoin-warning-says-doge-hasn-t-fallen-far-enough-here-s-why-tbt66052.html