Dogecoin Price Stuck Around 40 Cents: Why Isn't DOGE Moving?

Dogecoin's DOGE/USD lackluster performance over the past month has dampened optimism among Polymarket traders, but crypto traders on social media remain hopeful about its future prospects.

What Happened: Crypto trader Altcoin Sherpa advised his followers on X to buy DOGE aggressively only when Bitcoin shows a clear upward momentum during its next leg up.

Otherwise, he suggests holding DOGE for the long term to avoid being "chopped to death" in a volatile market.

$DOGE the only time you should mash the market buy button is if you see $BTC strongly moving on its next leg up (early). That's the only time. Otherwise, just buy spot and sit on it. You're going to get chopped to death otherwise pic.twitter.com/lj76dHrnzM

— Altcoin Sherpa (@AltcoinSherpa) December 13, 2024

Trader EliZ shared an intraday trading strategy for DOGE, stating he would enter only when it breaks the resistance above 42 cents.

Crypto Daily Trade Signals maintained a positive outlook, predicting a "big breakout soon," while trader Hardy echoed the sentiment, suggesting that Dogecoin is poised to hit a new all-time high.

Also Read: Hacker Exploits Dogecoin Vulnerability, Crashes 69% Of Nodes—But DOGE Still Spikes 1.8%

Why It Matters: Crypto chart analyst Ali Martinez highlighted significant whale activity, noting that 160 million DOGE were accumulated within the past 24 hours.

Whales bought another 160 million #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/FLr6XL3rMi

— Ali (@ali_charts) December 13, 2024

However, Polymarket data shows that the probability of Dogecoin reaching $0.69 by Inauguration Day on Jan. 20 has fallen from 41% on Nov. 28 to 29% today. This decline comes despite bullish market sentiment fueled by Bitcoin's climb to $100,000.

Coinglass data shows DOGE liquidations remaining low, with $2.55 million in long liquidations and $1.16 million in short liquidations, suggesting limited leveraged trading activity.

Read Next:

• Dogecoin’s Whopping 60.9B Movement In 24 Hours: A Bullish Sign?

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