Anbessa Accumulates Dogecoin (DOGE) as Market Gears Up for Another Upward Move

Anbessa, a crypto analyst and trader who accurately forecasted Dogecoin's 8,000% rally in 2020, is accumulating the cryptocurrency again.

Crypto analyst and trader Anbessa, who accurately predicted Dogecoin’s 8,000% rally in 2020, is once again accumulating the cryptocurrency. Despite DOGE’s recent underperformance in the meme bull market, Anbessa believes the market may be preparing for another uptrend.

Assessing Dogecoin’s Potential Rally

Anbessa’s current approach to Dogecoin is significantly different from that of 2020. The analyst positioned himself for massive gains and an 8,000% rally. Now, he sees the opportunity as offering “solid profit” potential but advises against expecting the same level of vitality.

The market has matured, and the dynamics surrounding Dogecoin have changed. However, according to his analysis, Dogecoin (DOGE) could still reach $1, offering a tenfold return from its current level.

Anbessa clarified that this isn’t the “generational wealth setup” it once was. Instead, he views it as a strategic play within the current market cycle, possibly leading to a rally towards the end of the meme cycle.

Will the Analyst’s DOGE Prediction Come to Pass?

Dogecoin is currently trading at around $0.10, within a downward channel, indicating a persistent downtrend, as observed on Aug. 29 from CoinMarkertCap. At $0.10, the price is close to a critical support level. If this breaks, further losses may occur, potentially sending the DOGE USD pair down to $0.057.

Social dominance has also dropped from over 3% in mid-March to just above 1% by late Aug. 2024, indicating reduced interest and engagement. The MVRV Long/Short Difference has turned negative, meaning short-term holders are operating at a loss. This trend could trigger more sell-offs, worsening market sentiment.

Furthermore, whale transactions, which track large movements of over $100,000, have also decreased. This decline suggests that major holders are losing confidence and pulling back.

Despite these bearish signals, if Dogecoin (DOGE) manages to hold the $0.10 support, it could target higher levels, such as $0.17 and $0.31, based on Fibonacci retracement. Anbessa’s strategy appears cautious, betting on a possible recovery.

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