Top Analysts Now Looking To Short Dogecoin

Maartunn sees the possibility of DOGE trading lower in the short term.

In a tweet moments ago, CryptoQuant analyst Maartunn shared a chart showing a possible Dogecoin sell setup in the 1-hour time frame.

Trade idea for $DOGE

Not financial advice of course ? pic.twitter.com/BtvLbj5DNZ

— Maartunn (@JA_Maartun) November 1, 2022

Notably, the target of the short-term outlook will see the meme coin fall to Sunday’s lows just below the $0.11 price point. 

It bears mentioning that today, DOGE peaked above $0.15 for the first time since April, surging by as much as 29% in the last 24 hours at some point. The latest pump resulted from a captionless tweet from Elon Musk, Twitter’s latest boss, sharing a picture of a dog dressed in a Twitter-branded shirt.

It is worth noting that the price action predicted by Maartunn is not uncommon. Notably, following impulsive moves upward, markets tend to consolidate as profit-taking happens, and afterward, the price may often go back to retest previous lows before rallying higher.

Moreover, Maartunn’s analysis aligns with Eight founder Michaël van de Poppe. According to van de Poppe at its current price, it is better to short the doggy meme coin, saying he would only be looking to buy after a price correction tomorrow or the day after.

Actually, wouldn't want to long $DOGE here. I'd rather look for shorts.

Buy the dip probably across markets tomorrow or day after.

— Michaël van de Poppe (@CryptoMichNL) November 1, 2022

In a follow-up tweet, the Eight founder highlights the $0.15, $0.13, $0.11, and $0.085 price points as points of interest. Notably, van de Poppe sees $0.11 and $0.085 as good areas to look for significant long trades.

How I'd be playing $DOGE at this point is quite simple.

– $0.15 short region scalp.
– $0.13 long scalps.
– $0.11 region bounce long area.
– $0.085 swing longs. pic.twitter.com/N6B17EEF3E

— Michaël van de Poppe (@CryptoMichNL) November 1, 2022

DOGE has enjoyed a massive rally upwards since Musk took over Twitter at the weekend, more than doubling in value since. The price action comes as investors speculate that the billionaire plans to integrate the doggy meme coin with the social media platform. 

Notably, this speculation that has only been fueled by Musk’s recent tweets and his history of making DOGE a means of payment in his other companies has also led to the proliferation of scam Dogecoin contracts on the Ethereum network and Binance Smart Chain. 

Dogecoin is currently trading at the $0.1406 price point, up 16.47% in the last 24 hours and 134.19% in the last seven days, as DOGE lovers envision a climb back to the highs of $0.73. Veteran trader Peter Brandt believes that Dogecoin is out of the bear market, but according to the analyst, it is not sure that it has kicked off another bull run.