Crypto analyst Nicholas Merten is issuing a warning that memecoin Dogecoin (DOGE) is likely not finished correcting against Bitcoin (BTC).
In a new video update, Merten tells his 512,000 YouTube subscribers that he expects Dogecoin to remain in a bearish trend against Bitcoin for a while as the monthly DOGE/BTC chart continues to show weakness
“I do believe that things will go up and to the right in the future. I just don’t think they’re going to do it yet.
I got to say, if this is new support and all we see is a 22% move [up] on a monthly candle followed by three months of just fading those gains with no follow through, that’s not a bull market.
We can see what Dogecoin looks like in a bull market – 600% moves in a month, 542%, even towards more moderate months, 80%, 30%, 209%, multiple months. 73%, 79%, 114% in a single month. That is what I’m looking for. And maybe Dogecoin isn’t going to produce such optimistic results. But man, I got to see some 10%, 20%, 30% month
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