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Analyst Predicts Major Dogecoin Price Crash To $0.26, But There’s Good News
Crypto analyst Behdark has predicted that the Dogecoin price could suffer a major crash, sending it below the $0.30 support level. However, the analyst also provided good news as DOGE is expected to witness a massive rebound once it drops to this price level.
Dogecoin Price To Crash To $0.26 And Then Rebound
In a TradingView post, Behdark predicted that the Dogecoin price could crash to $0.26 and then rebound on the next wave to the upside. The analyst mentioned that Dogecoin will likely experience some fluctuations before the foremost meme coin enters the bearish wave that drives its price to as low as $0.26.
Providing a more detailed analysis of this Dogecoin price prediction, Behdark remarked that DOGE appears to have entered an ABC correction. He further revealed that DOGE is currently in wave B, which seems to be forming a diametric pattern. The analyst added that Dogecoin is currently at the beginning of wave G, which is the final wave of this pattern.
Behdark stated that a bearish wave C is expected to form once wave B is complete, which will drive the DOGE price to the $0.26 level. He explained that significant liquidity is being hunted in this area, which is why DOGE could drop to as low as that. The analyst then remarked that Dogecoin might also form a higher high from this zone.
The analyst’s accompanying chart showed that the Dogecoin price could witness a massive bounce from the $0.26 level and rise to as high as $0.5. This move could eventually pave the way for Dogecoin to reach a new all-time high (ATH).
DOGE Is Repeating A Historical Pattern
In an X post, crypto analyst Master Kenobi revealed that the Dogecoin price is repeating a historical pattern. The analyst noted that, like December 2023, December 2024 also saw a local peak following a pump that began at the end of October. He added that both price pumps in 2023 and 2024 originated from a boring, sideways zone that began in late August.
Since the initial zones and duration are identical in both situations, Master Kenobi predicted that what follows next will be similar to the 2023 price action. Based on this, he remarked that an important pump is imminent for the Dogecoin price. A repeat of the 2023 price action could lead to a 3x increase.
However, the analyst suggested that DOGE could enjoy more than a 3x price increase this time because the first phase of this current price action is stronger than the one in 2023. A 3x increase would still be enough to send the Dogecoin price above the psychological $1 level. Master Kenobi predicts that this pump should happen in the early days of February and close beyond March 1.
At the time of writing, the DOGE price is trading at around $0.315, down over 10% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
Crypto analyst Egrag Crypto has predicted that the XRP price could rally to $66 this year, providing a bullish outlook for the crypto. The analyst alluded to the Elliott Wave Theory to explain how XRP could reach this ambitious price target.
How XRP Price Will Rally To $66 This Year
In an X post, Egrag Crypto predicted that the XRP price could rally to between $20 and $66 this year. He asserted that his analysis is grounded in mathematical principles rather than speculative hype. The analyst then explained how the Elliot Wave Theory forecasts that XRP can reach as high as $66.
The analyst’s ultra-bullish prediction for XRP comes just as another analyst, Dark Defender, predicted that XRP will reach $8 irrespective of the outcome of the Ripple SEC case.
Egrag Crypto noted that the Wave 1 has demonstrated a remarkable increase of 510%. He stated that this percentage serves as the baseline for subsequent wave calculations.
The crypto analyst then proceeded to Wave 2, where he remarked that he was still assessing the nature of the corrective formation. Egrag Crypto opined that XRP is witnessing an irregular and expanded flat corrective formation. Typically, for an expanded or irregular formation to play out, the B wave must surpass the starting point of the A wave, which he noted has occurred in this case.
As to how this corrective wave could play out, Egrag Crypto anticipates that wave E may dip below $1.77, setting up a potential bear trap. However, before wave E concludes, he remarked that there needs to be a bull trap targeting around $3.7 to $3.9. He warned market participants that this correction could exceed 50%.
How Wave 3 And 4 Could Play Out
For Wave 3, Egrag Crypto noted that, as the most impulsive wave, it stands out clearly fueled by overwhelming bullish sentiment. In accordance with the Elliot Wave Theory, the analyst noted that wave 3 typically extends to 1.618 times the length of wave 1. Since the XRP price rallied 510% on wave 1, the crypto could witness an 800% to 1,000% on wave 3, which would send it to between $17 and $20.
For the corrective wave 4 move, the crypto analyst noted that XRP typically retraces between 14.6% and 38.2% of wave 3. During this period, Egrag Crypto remarked that new buying opportunities arise as prices consolidate sideways. He noted that volume typically drops, making this period a good buying point for those anticipating the wave 5 impulsive move.
The analyst predicts that XRP could drop to between $6 and $7 as it experiences a pullback of around 38.2%. He warned that this may frustrate traders due to the prolonged sideways movement.
How XRP Will Reach $66 On Wave 5
Based on the Elliot Wave Theory, wave 5 represents the final ascent in this upward trend, sending the XRP price as high as $66. Egrag Crypto noted that during this phase, there will be overwhelmingly positive news and a bullish sentiment surging through the market.
The analyst derived the price target of $66 based on various metrics of Wave count number 5. He stated that the range between inverse 1.236 and 1.618 times wave 4 indicates a price target between $20 and $29. Meanwhile, a rally of 510%, similar to the one experienced in wave 1 puts the XRP price at around $44.
Lastly, 61.8% of wave 1 and wave 3 position XRP at around $66. The analyst’s accompanying chart suggested that the crypto could reach this $66 price target between March and May.
Interestingly, legal expert Matt Hougan predicts the Ripple lawsuit will conclude between April and May. Therefore, this could be the catalyst for this parabolic rally for the XRP price.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
has Binance founder Changpeng Zhao (CZ) is reimagining the concept of token issuance in a new proposal. CZ theorizes a smart contract-controlled unlock for tokens designed to prevent flooding the market with new tokens.
Binance Founder Explores New Standards For Tokenomics
Under CZ’s proposal, only 10% of tokens will be unlocked for sale with the remaining 90% remaining untouched. The Binance founder says the proceeds for the 10% will be deployed for development costs, marketing, salaries, and community building.
A key feature of his “crazy idea” involves strict conditions to be fulfilled before future token unlocks. He argues that issuers must wait for six months after the previous unlock before proceeding with a new unlock.
However, the token price must have doubled its previous unlock price for over 30 consecutive days before the next unlock. According to the Binance founder, token issuers will be allowed to unlock a maximum of 5% of the total holdings each time.
While the maximum unlock is pegged at 5%, the project team has the right to reduce and delay the unlock sizes. Unlocks have the potential to send token prices crashing, accentuated by the incoming $2 billion SOL unlock and tumbling asset price.
“If they don’t want to sell more, they don’t have to,” said CZ. “But the maximum they can sell each time is 5%, and then they have to wait for at least another 6 months AND the price to double again.”
Incentivizing Long-Term Builds And Preventing Token Rug Pulls
Right off the bat, the upsides to CZ’s proposal are clear as a strict vesting schedule prevents early dumping. Improper tokenomics standards have fuelled a wave of exit scams in the cryptoverse with the Libra token crash leaving a sour taste in the mouth of investors.
CZ’s idea involves locking tokens with a smart contract and an independent third party controlling the keys.
“This avoids new tokens flooding the market when prices are low,” said the Binance founder. “It also gives the project team incentives to build for the long term.”
Zhao has previously expressed his displeasure over sharp practices in the space, pledging support for memecoin victims. CZ clarified that he has no plans to launch a new token and that the theory is open for discussion.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana cofounder Anatoly Yakovenko says Bitcoin (BTC) has zero intrinsic value compared to other assets. His tirade against the largest cryptocurrency by market capitalization has triggered polarizing reactions in the ecosystem with a cross section taking swipes at Solana.
Bitcoin Has No Value And Is Not An Investment, Says Solana Cofounder
Solana cofounder Anatoly Yakovenko has cast aspersions on Bitcoin’s viability as an investment option, saying the asset has no value. Yakovenko made the assertions on a post on X, claiming that the asset is not an investment but akin to a coin flip.
He argues that the best-case scenario for Bitcoin is as “insurance” against the collapse of a global superpower. The Solana co-founder pegged the odds of such a collapse at 1%, adding that Bitcoin may hold up well in the event of a superpower implosion.
“It’s worth it for me to spend 1% of my wealth on some asset that might not go to zero in that environment,” said Yakovenko. “It’s not an investment, its a cost and there is no guarantee that it will work.”
Yakovenko adds that a BTC price of $100K or $10K does not affect its ability to withstand a superpower collapse.
“If it works, it has very little to do with technology outside of the initial innovation that happened 15 years ago,” said Yakovenko.
Bitcoin Maxis Disagree With Yakovenko’s Claims
Yakovenko’s comments have triggered a wave of reactions from the cryptoverse with the bulk disagreeing with his claim. Angel investor Ashkay BD diverged from Yakovenko, stating that Bitcoin offers immense value flowing from its ability to protect users from counterparty risk.
He adds that without BTC, individuals will be forced to transact with failing banks and governments with currency debasements and capital controls.
Others say despite incoming CME Group’s SOL futures, Solana is overvalued since it is still finding its feet in the world. Critics opine that if the Solana cofounder sees Bitcoin as good for doomsday events, then Solana is only for memecoins.
Despite a previous spike of memecoin activity in Solana, ecosystem activity is waning with PumpFun halting token creation amid market volatility.
President of the Solana Foundation Lily Liu appeared to distance herself from Yakovenko’s claim. Liu considers herself to be a Bitcoiner while advocating against ecosystem tribalism in a lengthy post.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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