Crypto analyst KrissPax believes Dogecoin has discovered a flooring of round 9 cents regardless of retreating from latest highs.
In a video posted to his YouTube channel on Dec. 12, crypto analyst and influencer KrissPax weighed in along with his newest ideas on the value motion and outlook for well-liked memecoin Dogecoin (DOGE).
The analyst believes the broader crypto market is presently 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. Nevertheless, he believes the coin has discovered assist across the 9 cent degree, close to the place it was buying and selling only one week in the past on Dec. 5.
“Now resetting again to that degree, we’ll be the place Doge goes from right here,” the analyst commented. He nonetheless believes there may very well be additional dips within the close to time period however considers the 9-cent zone an essential 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 may create pleasure and drive the value above 11 cents. Nevertheless, he cautions merchants to be cautious of extreme leverage utilization, which has led to cascading liquidations throughout latest 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 value goal stays 12 cents.