Famous trader and analyst Loma, who is widely followed, warns that Dogecoin (DOGE) may face a significant retracement before launching the next leg of the bull market.
Loma: Dogecoin price faces a significant pullback!
In his new analysis, renowned crypto analyst Loma told his 157,600 followers that he believed Tesla CEO Elon Musk’s appearance on the popular sketch comedy show Saturday Night Live (SNL) was a news selling event. Loma adds the following to his comments on the subject:
DOGE SNL Game Plan: Price is rising towards SNL, Underwhelming SNL, Back to the area of About $ 0.45 – $ 0.50, Consolidating for a while.
Analyst: DOGE’s current price action reflects the market structure in mid-April
According to the analyst’s chart, DOGE’s current price move reflects the market structure in mid-April, when the Shiba Inu-inspired asset jumped to $ 0.45 before dropping to $ 0.16. Loma claims that the correction is an opportunity to buy in dips as the fourth largest crypto asset is experiencing a short term drop. Loma adds the following to his comments on the subject:
Although we like to use the sales-side liquidity crisis as a nozzle… I’ve been scaling at DOGE for a while and it definitely feels like this… I think the SNL casting will be for buying. We would be shocked if we trade below $ 0.40 before a new bear cycle begins.
Loma: DOGE will continue its rise towards its $ 1.00 target
Loma predicts that, after the correction, DOGE continues its rise towards its target of $ 1.00. If the cryptocurrency follows the analyst’s scenario, the transition from $ 0.45 to $ 1.00 represents potential gains of over 122%. According to CoinGecko, at the time of writing, DOGE is trading at $ 0.53, down 24%.