One popular trader, crypto analyst and researcher named Josh Rager recently said that the Dogecoin pump may be over and the cryptocurrency will probably drop soon. Rager explained why he is so pessimistic about the performance perspectives of DOGE in a new tweet rant.
As you probably know from our Dogecoin news before, it was the TikTok challenge which pushed the price of DOGE up. To this, the trader Josh Rager says that the Dogecoin pump days may be over, sharing a tweet where he evaluates “the weak prospects of Dogecoin” and the general price dynamics.
There's hope on the 1 hr chart… but under 40 sats and it'd definitely something I'd be careful with…
Don't get attached to your trades especially meme coins though they're fun to tweet about pic.twitter.com/9lD0yiIXCj
— Josh Rager 📈 (@Josh_Rager) July 10, 2020
The trading expert also noted that the initial goal of the TikTok pump did not look very realistic to him. This is why he believes that the Dogecoin pump may be over and if it continues, it would surpass Chainlink and stay above $2 billion.
Now, charts for DOGE based on a one-hour timeframe look more bullish. However, in general, it also does not change the overall look of the market structure. Rager recommended that traders should be very cautious in areas below 40 satoshis for the DOGE pair.
In the crypto news today, we can’t see much changes. However, Rager warned that a proper trader should not attach themselves to their trading. Writing about this meme cryptocurrency has definitely been interesting for the analyst. When asked if this could happen ever again, Rager admits that a pump may return but a scenario like this does not look very realistic to him.
‘So many assets to trade’, is how Josh Rager sees the situation now.
For those of you who don’t know, Dogecoin or DOGE is a meme-inspired cryptocurrency which was designed in 2016. With a recent TikTok challenge and social media trend, it showcased triple-digit gains in only a couple of days. Many influencers from TikTok recommended their followers to buy Dogecoin (DOGE) to increase its price.
The final goal for this was to reach $1 per DOGE so that the coin just needs to surge 333 times to please these excited TikTok influencers and the traders who decided to invest in it. In general, this was a trend and nothing more than that – some describe it as pure speculation effort made to try to raise the price of a cryptocurrency.
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