DOGE Staged 50% Recovery From The Recent Tuesday Low: Analysis

DOGE staged 50% recovery from the recent Tuesday low in what seemed to be a horrible week for the markets so let’s read more in our latest Dogecoin price news today.

The meme token Dogecoin showed strength in posting a 50% gain from the Tuesday lows of $0.16 but at the time of writing, DOGE staged 50% recovery and it is priced at $0.22. The $0.16 zone was established by the strong support area formed in mid-April around the time when the Elon Musk-spiked FUD emerged. This week saw DOGE bounce off the levels on three occasions further explaining it as a price level where the buyers stepped up. The markets are making up the most of the bullish momentum but Dogecoin leads the top 10-in terms of the biggest gains of today.

The narrative that DOGE already topped out persists and with no analysis reiterating the message, will this level of $1 remain a fantasy? Dogecoin’s 2021 performance has been quite spectacular and as of this peak, DOGE was priced at $0.75 and give it a year-to-date performance at the time o 15,000%. The accomplishment set up a narrative that defined the use cases and sound tokenomics which doesn’t equate to the out-doing of the competition.

For some of the crypto purists, Dogecoin was a source of resentment as its rise showed that the huge profits in crypto weren’t reserved for those who do the research and make rational judgments based on it. Glauber Contessoto was one of the “degens” and he became a millionaire after he invested $25,000 life savings in Dogecoin back a few months ago. In two months, he returned his money to reach millioanire status and during the peak, he reported being a multi-millionaire as his Dogecoin holdings hitting $2 million.

With this week’s downturn his Dogecoin valuation dipped below the million-dollar threshold to $831K despite that, Contessoto has no plans of cashing out. Speaking to CNBC, Contessoto said that he planned to hold for a year but he intends to keep his DOGE for longer, meaning short-term fluctuations are almost no consequence to him:

“Whatever happens in the short-term doesn’t matter to me because I’m looking to ‘hodl’ dogecoin for years to come. I’m truly not worried at the end of the day.”

Considering that the fundamentals have to catch up at some point, some analysts warned that Dogecoin top was already in and the financial advisor Ric Edelman pointed out that Dogecoin has no use case and he hindered the crypto industry’s attempt to generate credibility. Edelman even called Dogecoin a victim of the pump and dump orchestrated by Elon Musk:

“It’s a victim of a pump and dump scheme by certain very famous wealthy individuals who shall be nameless here on the program. Elon Musk.”

Source: https://www.dcforecasts.com/dogecoin-news/doge-staged-50-recovery-from-the-recent-tuesday-low-analysis/