Crypto analytics firm Santiment has identified Dogecoin (DOGE) as a potential candidate for a significant price surge in the near future, provided that the overall digital assets market starts to recover. After experiencing a sharp decline of more than 30% from its recent peak of $0.46 in early December, DOGE is now poised for a potential breakout, according to Santiment.
The firm highlights the fact that market sentiment for DOGE has significantly decreased, as evidenced by a steep decline in social media mentions related to the memecoin. Santiment emphasizes that markets tend to move in the opposite direction of the crowd’s expectations, making DOGE a promising candidate for a bullish move.
In its analysis, Santiment gave DOGE the lowest market sentiment score of one out of five, indicating a bearish sentiment towards the digital asset based on its historical market sentiment over the past three months. Despite a brief surge at the beginning of the year, coinciding with Elon Musk’s playful handle change to ‘Kekius Maximus’, DOGE has since lost 28% of its market cap. With crowd sentiment at its lowest point in the past year, there is potential for significant upside if crypto markets begin to trend upwards again.
At the time of writing, DOGE is trading at $0.32, reflecting a 2% decrease in the last 24 hours. Santiment’s analysis suggests that there could be a substantial price increase on the horizon for DOGE if market conditions improve.
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Image Source: Santiment
The analysis provided by Santiment offers valuable insights for investors looking to capitalize on potential market movements. By staying informed and monitoring market sentiment, traders can make informed decisions and potentially profit from upcoming price surges in the cryptocurrency space.